Good News for Pakistanis: PayPal and Stripe Payment Gateways Coming Soon

PayPal and Stripe Payment Gateways Coming Soon

In an encouraging development, Dr. Umar Saif, the Caretaker Federal Minister for IT and Telecommunications, has revealed that Pakistan is on the verge of receiving favorable updates regarding the imminent availability of PayPal and Stripe payment gateways in the country, expected in the coming weeks.

Dr. Saif conveyed this optimism during a media briefing, emphasizing the significance of these services for Pakistan’s thriving freelance community.

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Dr. Saif Recognizes Challenges and Expresses Confidence

Dr. Umar Saif, the Caretaker Federal Minister for IT and Telecommunications, recognized the difficulties obstructing the coordination of PayPal and Stripe, especially concerning consistency with Financial Action Task Force (FATF) prerequisites.

In any case, he communicated confidence about the advancement, expressing, ‘I’m hopeful that we will get positive news in regards to PayPal and Stripe in the following four to about a month and a half, and we will figure out how to offer these types of assistance to our independent local area.

You may also like to read: How Freelancers get International Payments in Pakistan?

Booming Freelance Sector in Pakistan

Pakistan boasts a substantial IT freelancing workforce, with approximately 1.5 million Pakistanis actively engaged in the sector, making it the second-largest online force globally.

Boosting the IT Ecosystem

Dr. Saif emphasized the need for a robust infrastructure to fuel the growth of the IT sector. He unveiled the E-Rozgar program, designed to offer interest-free loans to the private sector, with plans to establish co-working spaces for 500,000 individuals.

Liberating Forex Reserves for IT Companies

The ban on repatriating earnings earned in foreign currencies has been a major obstacle for Pakistani IT enterprises. Recent initiatives by the IT ministry and the Pakistan Software Houses Association (P@SHA) have allowed companies to retain 50% of their revenue in US dollar accounts and provided them with corporate debit cards to facilitate international transactions. These measures encourage IT exporters to bring more foreign exchange into Pakistan.

Advancements in Technology and Cybersecurity

Dr. Saif also announced the commencement of the 5G spectrum auction process, promising enhanced connectivity and mobile services. In a joint effort with the Pakistan Telecommunication Authority (PTA), the public authority is presenting a PDA funding plan to empower individuals to buy top-of- line telephones in portions.

Besides, the government is focused on upgrading network safety and information security, with plans to lay out a network protection expert before very long.

These improvements show a promising future for Pakistan’s IT area, offering new open doors for specialists and organizations.

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