It has been a hot debate for a long time whether PayPal is coming to Pakistan or not? Well! It is still a debate but let us discuss that. Pakistan is considered a big platform when it comes to freelancing. But a very big setback is the unavailability of PayPal in Pakistan. Without the operation of PayPal, a major chunk of freelancers lose plenty of job opportunities. Let us have a look at the whole history of what has been going on up till now.
What is PayPal?
PayPal is an American company that was founded in 1998 and is operational in many countries across the globe excluding Pakistan. PayPal serves as a worldwide online payment system that provides online payment solutions. It is a one-click payment solution that made it a quite popular payment system in the international market. This electronic system plays the role of the third party between two parties settling their financial matters. The giant e-commerce platforms including; Amazon, eBay, and Shopify utilize this payment system as well which has made it furthermore popular.
Why is PayPal not yet present in Pakistan?
Most experts suggest that PayPal in Pakistan has not been operational due to the State Bank of Pakistan’s regulatory restrictions or approval processes. Most of the online freelancing platforms including Fiverr and Upwork suggest the PayPal payment method due to which a great number of clients are lost and so do the jobs. In addition, the economic crises of a country play a major role in the introduction of a service or a system in a particular country. Pakistan is amidst economic crises that cripple it from taking a stand to show its ability to introduce a set of policies in the interest of PayPal. Also, money laundering cases exist in exponential amounts in Pakistan have made it impossible for PayPal to compromise on its policies and initiate its services in Pakistan. Fraudulent activities in our country are also the major cause of lacking PayPal services as it shows zero tolerance for fraudulent activities. Additionally, regulatory restrictions of the state bank of Pakistan and its complicated three-step approval process add to the key reasons for the absence of PayPal in Pakistan in 2022.
Why is there a need to Introduce PayPal in Pakistan?
According to a recent study the e-commerce sector has been seen evolving in Pakistan which is a big success. With the advancement in the e-commerce sector, the introduction of PayPal in Pakistan can result in important developments. It is important to understand that without the proper system enabling payment, our economy cannot flourish. Unemployment is the biggest obstacle in the development of a country. Numerous freelancers lose job opportunities every hour on the hour which is a big setback for a person who is interested in doing work from home. Furthermore, the developed countries have set their focus on gaining their revenues from online or digital platforms being this age a digital age. This plays a significant role in the development of the economy as well. The introduction of PayPal in Pakistan in 2022 can serve as a game-changer in the recovery of crises due to the increased revenue generated and control over capital fights.
The Ministry of information and technology has been putting efforts to communicate with America to bring PayPal to Pakistan. These efforts have not been fruitful up till now but we are hoping for the best.
Key benefits of PayPal if introduced in Pakistan:
Due to the voice that the freelancers' community has been raising for quite a long time, steps were taken for the introduction of PayPal in Pakistan. The introduction of PayPal in Pakistan in 2022 can result in the following benefits:
Security:
PayPal provides a secure payment method and avoids any kind of scams satisfying its customers. The interest of both parties, buyers as well as sellers, is guaranteed by PayPal. Moreover, it provides you a 180 days period to get a refund in case of any problem.
Flexibility:
PayPal is a flexible payment system. You can send or receive money using this system. Moreover, you can transfer money from your PayPal account to your bank account as well.
Easy Buying:
PayPal offers easy as well as safe buying services to its customers. Further, it keeps a record of transactions so that history is maintained for a recheck.
Worldwide Acceptance:
Being an internationally recognized payment system, PayPal has worldwide online acceptance which makes it easy as well as reliable.
Low Transaction Charges:
One of the many reasons behind PayPal being a widely preferred online payment system is its low transaction charges.
Steps to be taken for the introduction of PayPal in Pakistan:
Government should take necessary steps to raise awareness of the freelancing culture. Strict measures should be introduced to keep a check on money laundering, scamming and fraudulent activities. Moreover, Pakistan needs to work on its economy to get rid of crises so that a better image of the country is developed. Government should strive hard to develop a good set of economic policies and the general public should also play its part to contribute to the economic progress of the country. The more the country is economically strong, the more it can flourish and present a better image in the international market and hence, can make a good deal to introduce PayPal in Pakistan.
The bottom line:
It is said that despite the efforts put forward by the government, the PayPal system could not be introduced in Pakistan as the company thinks that its interest cannot be protected. It is good news that Pakistan is heading towards success in the e-commerce sector as well as freelancing platforms. The introduction of PayPal in Pakistan in 2022 can be a huge success resulting in a boom in these sectors. The job opportunities on these platforms will set the country on the path to recovery from its crises. The government should do its part while the public should play its role in the introduction of PayPal in Pakistan.
