The Federal Finance Minister Asad Umar, has confirmed that the government has not stopped PayPal from entering into the Pakistani market. However, talking with journalists, Finance Minister claimed that no department in Pakistan has stopped the launch of PayPal in Pakistan.
PayPal is not stopped on my desk, the State Bank of Pakistan or in any other government institution. We are chasing PayPal. The Finance Minister Asad Umar claimed that he is well aware that PayPal presents a great chance for Pakistan and it is a brilliant source of income for local youths who work from home.
“They face immense difficulties without PayPal
Or any effective online payment system,”
Said, Finance Minister Asad Umar.
He further he said, I have taken the initiative myself to bring PayPal In Pakistan and sent a message to PayPal CEO that this was important and I was willing to fly to America to hold a meeting. Asad Umar said he is well aware of the problems people have been facing because of the unavailability of PayPal in Pakistan.
At the end, Finance Minister Asad Umar talked about AliPay which is a part of Alibaba. He said that its subsidiary, Ant Financial, has bought popular stakes in Telenor Bank which should be helpful in improving the digital banking market in Pakistan.
Before that the previous PML-N Government had stated its aim to invite PayPal. Their hopefulness stemmed from the fact that Pakistan was removed from FATF’s grey list and was placed on its whitelist. However, Pakistan has once again been placed on the grey list of the multilateral body that combats money laundering and terrorist financing.