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Paypal
Paypal
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PayPal is planning to start operating in Pakistan through a third-party application.

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PayPal, an online payment system, is set to make an agreement with a Pakistani company, Payoneer, allowing freelancers to receive their earnings. Payoneer, another digital payment service, will handle the funds earned by freelancers from abroad and transfer them to the recipient’s bank account in Pakistan.

The charges for these services by Payoneer are not clear yet, and it remains to be seen how much they will cost both freelancers and PayPal.

In Pakistan, there are about 4 million freelancers, with 1.5 million working on a regular basis. This trend is particularly popular among young individuals with IT skills.

The Ministry of Information Technology and Telecom has signed an agreement with PayPal to establish a framework for this arrangement. The Ministry is expected to announce the details of this mechanism on January 11, 2024.

Freelancers will now be able to open dollar accounts but are required to keep 50% of the amount in US dollars in their accounts. This move addresses a major demand of freelancers in the country, and the caretaker government has fulfilled this request.

Federal Minister for IT & Telecom, Dr. Umair Saif, shared in a video message that Pakistani freelancers will now be able to receive their earnings through PayPal. He explained that a new mechanism has been devised, eliminating the need for freelancers to open a PayPal account. Now, anyone outside Pakistan can send money through a PayPal account, and the funds can be received in Pakistani banks.

Read more about “The government implemented a scheme allowing individuals to obtain mobile phones through installment payments.”