Asad Umar, Finance Minister of Pakistan, stressed that Pakistan needs a reliable online payment portal to promote IT and e-commerce sector. He stated that he is ready to catch next flight to meet Paypal’s CEO to convince him to start operations in Pakistan.
PayPal is a US-based financial services company which individuals and organisation use as an online transfer system to make payments. For example, a consumer can buy any item from Amazon.com and can pay by a PayPal account. This service is not available in Pakistan despite having a booming IT sector and surging number of startups. PayPal in Pakistan will help many individuals and organisations in their startups.
In an online interview with PTI social media he said, “Either Paypal or any other alternate virtual payment system but in the next four months or so we should have an internationally acceptable payment gateway for the surging number of startups in the country.”
Highlighting Pakistan’s IT sector and market potential, he does not understand why PayPal is not interested in exploring such a huge market.
“I have met Prime Minister Imran Khan and IT minister in the past few days just to make sure we are moving in the right direction in this regard,” the minister said.
Furthermore, on asking the closure of sales on spectrum after the 4G auction he said, “Spectrum sale has been shut down. Only 124 megahertz spectrum has been opened by Pakistan while even Myanmar has a higher number than 400 megahertz. Why are we still holding on to that? This is not a finite resource that could end.”