PayPal in Pakistan
What is PayPal?
PayPal is basically a public interest financial company which deals globally in financial matters. It is being operated in UK, Europe, USA and many other destinations globally.
It provides the facility of electronic money transfer globally to its customers on minimum fee. It was established in December 1998 about 21 years ago in United States of America. It has based headquarters in USA north First Street 2211 in San Jose California, USA. The company chairman name is John Donahue and Dan Schulman is CEO of PayPal. PayPal provides worldwide payments through credit or debit card.
PayPal income is in dollars and income is in billions. Braintree, Paydiant, venom, trader and so many companies worldwide are partners companies with PayPal.
The application is available on IOS, android and as well as on windows operating systems.
PayPal in Pakistan
As I have earlier mentioned that PayPal is providing services all over world and its services are being provided in Europe, united kingdom, United states of America , and also in some eastern countries.
But unfortunately PayPal services are not available in Pakistan. After the establishment of PayPal, government of Pakistan had tried to bring the services of PayPal in Pakistan but due to financial security risk and because the economy is not documented and majority of people in Pakistan are not paying their taxes in discipline way, PayPal denied to come into Pakistan and since the new government of Pakistan Tehreek Insaaf and Mr. Imran Khan who is present prime minister of Pakistan has also made some efforts to bring this services in Pakistan but so far government of Pakistan has been unsuccessful in his efforts.
But government of Pakistan is still making effort to bring PayPal services in Pakistan. Keep in mind that such people in Pakistan who are doing business being freelancers in Pakistan are demanding secure payment system in Pakistan to get their payments globally securely.
So therefore government of Pakistan delegation recently visited United States of America and they met up with PayPal authorities to bring their services in Pakistan but so far no good results are coming out.
Economical experts says that if Pakistan wants PayPal services in the country they must documented their economy and established financial securities in home country.
PayPal is an electronic account. First thing you must have an email account to register yourself with PayPal. If you are living in developed countries like USA, Canada, Europe or UK it is very easy to register yourself with PayPal account and then connect your direct bank account with PayPal services.
It is great source to do online shopping, payment of bills and against these services PayPal charges its customer a nominal fee to complete each transaction that has been made online.
This is an era of online shopping and everything is on your fingertips. Overseas millions of people keeps online PayPal account and with these services a faster payments can be made.
Another benefit of PayPal is, such people who are connected with ecommerce and freelancing sites and do online jobs can receive their payments very secure through PayPal.
Such freelancers are earning minimum of 20 to 50 and sometimes worth 1000 dollars per day by doing different jobs like graphics designing, digital marketing, translations and transcription, and medical transcription.
PayPal coming to Pakistan?
So far the updated news PayPal is not coming to Pakistan.
The reason behind is our economy is not documented. We are not paying our taxes properly. Government of Pakistan is still making effort to bring PayPal service in Pakistan and as discussed earlier a delegation was met someday back with PayPal authorities in USA.
But government says that in the next two years their services will be in Pakistan as government of Pakistan is making great efforts to bringing PayPal services in Pakistan.
The major problem in Pakistan as our economy is not documented and we are still in the FATF gray list and until we get out from FATF gray list no financial company is ready to come in Pakistan.
That is why due to unavailability of such services in Pakistan overseas Pakistani are using only banking channels to transfer money in Pakistan which takes definitely time.
Therefore economical experts says that first of all there is a need of documented economy in Pakistan and second important thing to get out from FATF gray list in future.