In a written response to the National Assembly, Minister for Finance and Revenue Senator Muhammad Aurangzeb stated that the Ministry of Information Technology and Telecommunication (MoIT&T) is spearheading conversations with PayPal to promote its entry into Pakistan’s market.
It has been reported that the State Bank of Pakistan (SBP) has stated its willingness to assist PayPal in accordance with the MoIT&T’s continuing talks.
Aurangzeb also claimed that viable alternatives to PayPal, such as Payoneer and Skrill, are presently available in Pakistan.
PayPal PTE, a Singapore-based indirect subsidiary of PayPal Inc., has signed partnerships with four Pakistani banks to enable home remittances. The Finance Minister stated that there are no legal limits on the admission or operation of any foreign payment gateway, including PayPal, as long as they follow Pakistan’s Electronic Money Institution and Foreign Exchange rules.
Previously, the Minister of State for IT and Telecom acknowledged the difficulties in introducing PayPal to Pakistan, noting that, while conversations are ongoing, the final decision lies with the corporation. She emphasized that private companies operate based on their own commercial objectives, and the government can only help the process, not require PayPal’s participation.
Pakistan has been in talks with PayPal for several years in an effort to bring the payment giant to the country’s growing digital economy. Despite repeated discussions, the company has yet to establish direct operations in Pakistan.
