The government of Pakistan is taking initiatives to make PayPal a viable option for Pakistanis. PayPal — is an American company operating a worldwide online payment system to provide online payment solutions.
The government of Pakistan is taking initiatives to bring Paypal to Pakistan. Paypalcan facilitate the transactions. it will directly help in the growth of E-commerce.
An official source declared that Prime Minister Shehbaz Sharif will attend the annual meeting of the World Economic Forum in Davos next week, where he will meet global leaders, CEOs of energy sectors and commerce delegations.
They added that the Ministries of Finance and the Ministry of Information Technology and Telecommunication (MoITT) are researching the endeavor. Atleast on Ministary will attend the meeting.
During the meeting of the Cabinet today, PM Sharif sought a briefing from the MoITT on the reforms in the IT sector. he discussed the key reasons for Paypal not operating in Pakistan.
PayPal has been refusing to enter the Pakistani market because of SBP restrictions. PayPal’s major concern for entering the Pakistani market is the long list of regulatory restrictions. These are set by by the State Bank of Pakistan (SBP) and the complicated three-step approval process.
Sources state that Pakistan being on the FATF gray list is a problem. The international electronic payment service providers have to comply with strict regulations for customers due to FATF. The SBP can cancel their licenses in the case of money laundering.