Is PayPal coming to Pakistan?
The advancement in technology has made it possible to transfer money without the boundaries of paper money.
Is PayPal coming to Pakistan?
The advancement in technology has made it possible to transfer money without the boundaries of paper money. The online transactions are getting common and people are relying on card payments methods more often. In fact, most of the currency these days exists online with no physical existence. With that many payment options are being introduced and used worldwide.
What is PayPal?
Initially founded by Elon Musk-the ironman of the real world, it’s an online payment system. It allows the users to transfer money online, electronically from one account to another much like the bank account transfers. PayPal works globally, but unfortunately, Pakistan doesn’t have this service.
How does it work?
Consider PayPal as an electronic wallet that has all of your essentials in it the credit cards, money, and all the related personal data. So for the transfers to take place you have to have the PayPal account. This allows the user to have all the money and cards in one place. You can pay from any of your bank accounts without revealing the sensitive information like account numbers or the card numbers through PayPal. The only information revealed to the seller is the name, email address, and the shipping address.
PayPal easier because you don’t have to go the bank to make transactions everything happens online. This payment method gives you the edge of privacy without revealing too much information to the opposite part. Moreover, it allows the user to have all the electronic currency and cards in one place. The need to manage separate online accounts and remembering passwords and logins is not needed. It has also been revealed that when a website lists PayPal method of paying the sales increases because this service is widely trusted and used. In the world of freelancers, it allows easy transfer of money between the employer and employee.
PayPal in Pakistan
There were a lot of controversies surrounding PayPal, that government is blocking its entry in Pakistan. All of these rumors have recently been negated by Asad Omar, the finance minister of Pakistan. In a recent ceremony, he said that they have been after PayPal for some time now. His words were “What you’ve been told about PayPal is completely wrong. The situation is actually reverse. We are [actually] chasing PayPal. I took this even though this issue is not directly related to me.”
On highlighting the importance of its need in Pakistan he said, “I know that this is a fantastic source for the employment of our youth, our boys and girls who work from their homes. The non-availability of PayPal or any other effective online payment system causes them a lot of problems.”
He also mentioned the establishment of a dialogue with the chief executive to bring it in Pakistan. The other payment options like AliPay are also under consideration. The future of having PayPal in Pakistan seem bright as there are efforts being made in that direction.