The new government is now working to bring PayPal, which is a US firm providing a worldwide online payment system. The US company will provide online payment solutions in Pakistan. As per an official source, Prime Minister (PM) Shehbaz Sharif will attend the annual meeting of the World Economic Forum in Davos, Switzerland next week where he will meet international leaders, the CEOs of energy sectors, and business trade delegations.
Representatives from the New Government Will be Attending World Economic Forum Meeting
The PM from the new government will also meet with PayPal spokespeople and invite PayPal to Pakistan and launch its services in the country Pakistan. The sources further added that the Ministries of Finance and the Ministry of Information Technology and Telecommunication (MoITT) are exploring the initiative and the meeting will also be attended by the representatives of at least one of the ministries.
Furthermore, during the conference of the Cabinet today, PM Sharif received a briefing from the MoITT on the reforms in the IT sector and the explanations why PayPal has not been brought to Pakistan. Attempts had been made in 2015 and 2019 to invite PayPal to Pakistan but the company had refused.
PayPal Has Concerns Over the Lengthy List of Regulatory Limitations Set by SBP
US payment solution company, PayPal’s major concern for entering the Pakistani market is the lengthy list of regulatory limitations by the State Bank of Pakistan (SBP) and the complicated three-step approval process. Sources have stated that Pakistan being on the FATF gray list is also among these concerns. Multinational electronic payment service providers have to comply with strict rules for clients due to FATF and avoid money laundering or the SBP can revoke their licenses.
Source: Pro Pakistani