PayPal News Pakistan: PayPal Integration and Space Policy Revolution | Updates by Dr. Umar
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Enhancing Financial Inclusivity and Empowerment with PayPal
PayPal News Pakistan (Islamabad): The Interim Minister for Information Technology, Dr. Umar Saif, shared exciting developments for Pakistani freelancers, revealing that they will soon have the capability to accept payments via the renowned worldwide payment service, PayPal, thanks to a fresh government initiative. Although Pakistan boasts a large freelancer community, the refusal by PayPal to provide services to the country in 2019 left many without crucial financial infrastructure. The reasons cited for PayPal’s absence included the country’s exclusion from the company’s strategic plans, alongside concerns related to regulatory frameworks, market potential, and risks of fraud and money laundering.
However, the situation is poised to change as Dr. Saif, in a dissemination through the IT Ministry, announced that Pakistani freelancers will be empowered to receive funds through PayPal without the need for a local PayPal account. This innovative approach allows overseas clients to directly transfer money into the freelancers’ bank accounts via PayPal wallets.
Revolutionizing Connectivity with Space Technology
Adding to the developments, Dr. Saif mentioned that the government has green-lighted a new national space policy. This policy will permit private companies to leverage advanced low-orbit satellite technology for enhancing communication services across Pakistan, promising ubiquitous internet accessibility.
Supporting IT Growth Through Comprehensive Policies
The IT sector, with over 650,000 Pakistanis contributing their services globally, brings home between $200-250 million per month in export remittances, reaching a total of $2.6 billion in exports in 2022. In further support of freelancers, the State Bank’s updated policies will facilitate the opening of bank accounts linked to digital wallets, issuance of debit cards, and the creation of dollar denominated accounts, thereby allowing freelancers to utilize their earnings more freely. Registered freelancers under the PSEB will benefit from a minimal tax rate of 0.25%.
Dr. Saif also highlighted the government‘s ambition to establish 10,000 e-rozgaar centers, aiming to maximize the earning potential of Pakistani freelancers. This move is seen as a significant step towards leveraging the robust online workforce of the country.
