Caretaker Federal Minister for Information Technology and Telecommunication, Dr. Umar Saif, announced a resolution to the longstanding demand of freelancers. As per the report, it allows them to route remittances through the international platform PayPal.
Dr. Saif shared that several digital initiatives, including channeling remittances through PayPal, are set to launch next week to position Pakistan as a ‘Tech Destination.’ Although PayPal is not directly entering Pakistan. An agreement is under process to facilitate remittances through a third party.
The official launch ceremony is scheduled for January 11. Dr. Saif highlighted the government’s efforts to boost the IT and telecom sector’s exports, revealing that the sector’s official export is $2.6 billion, with the figure around $5 billion.
The government has collaborated with the SIFC and the State Bank to implement a policy. It allows IT companies to retain 50 percent of their export revenue in dollars in a Pakistani account. It enables them to cover international expenses without restrictions. This policy intervention has led to a 13 percent increase in export revenue within one month.
PayPal, the global online payment platform, is set to become more accessible in Pakistan. Addressing a longstanding demand of freelancers and individuals looking to streamline international transactions.
Through a strategic agreement, remittances will be channelled via PayPal, marking a significant step in Pakistan’s digital landscape. The upcoming launch signifies a crucial move to empower freelancers and enhance financial connectivity on a global scale.