Is PayPal coming to Pakistan in 2024 lets explore if these vocals are true? 3 days ago a news broke by one of Pakistan News Channels (24 News). The PayPal will start it services in Pakistan. But it will be only payments to Pakistan and not from Pakistan.
Caretaker minister of IT Dr. Umer Saif has announced the the PayPal will provided its services to Pakistan through a third party and it will be announced officially on 11th Jan 2024. But the shortcoming is that, it will only facilitate payments from other countries to Pakistan and not from Pakistan to other countries.
The news about “Is PayPal coming to Pakistan in 2024” is also covered by many other mainstream and other magazines, and here we’ve summaries them to just have a glimpse.
- Ary News: (https://arynews.tv/paypal-finally-coming-to-pakistan/) Ary News enthusiastically reports PayPal’s imminent arrival in Pakistan, highlighting its potential to boost e-commerce, freelancing, and online businesses. They mention an official announcement is expected soon, citing sources close to the State Bank of Pakistan.
- Pro Pakistani: (https://propakistani.pk/2024/01/05/it-minister-gives-good-news-regarding-paypal-in-pakistan/) Pro Pakistani echoes the excitement, quoting IT Minister Aminul Haq’s statement about ongoing discussions with PayPal for a local partner. They claim this partnership will enable freelancers and online businesses to receive international payments seamlessly.
Fact-Checking and Skepticism:
- Profit by Pakistan Today: (https://profit.pakistantoday.com.pk/2024/01/06/fact-check-paypal-is-not-coming-to-pakistan/) Profit takes a more cautious approach, fact-checking claims and urging readers against premature celebrations. They point out the lack of an official statement from PayPal or the State Bank, suggesting negotiations might be ongoing or facing hurdles.
- Pak Observer: (https://pakobserver.net/good-news-for-freelancers-as-paypal-enters-pakistani-market-through-strategic-partnership/) Pak Observer presents a balanced perspective, acknowledging both the positive news of potential entry and the remaining uncertainties. They mention reports of a strategic partnership with a local bank while emphasising the need for official confirmation.
- B Recorder: (https://www.brecorder.com/news/40282321) B Recorder offers an analytical angle, exploring the potential economic impact of PayPal’s arrival. They discuss how it could formalise the informal freelance sector, attract foreign investment, and boost e-commerce growth. However, they also raise concerns about the need for robust regulatory frameworks and infrastructure to prevent misuse.
While news of PayPal’s potential entry in Pakistan has generated excitement, particularly among freelancers and online businesses, the situation remains fluid with official confirmation awaited. Media outlets offer varying perspectives, with some expressing cautious optimism and others urging fact-checking. Financial experts acknowledge the potential benefits but highlight the need for careful preparation and regulatory oversight. As negotiations continue, Pakistanis eagerly await clarity on whether PayPal will truly revolutionise their online financial landscape.
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