Paypal is a popular online payment system operating around the world but unfortunately, it hasn’t been launched in Pakistan yet. In this regard, a parliamentary panel asked the finance secretary to hold a meeting with all the relevant stakeholders to investigate why PayPal is not operating in Pakistan.
Moreover, the panel also suggested that there should be relaxation in custom taxes on the import of specially designed mobile phones for visually impaired people.
Why PayPal isn’t Operating in Pakistan? Parliamentary Panel Asks Finance Secretary
Senator Talha Mahmood chaired the meeting of the Senate Standing Committee on Finance Revenue and Economic Affairs held at the Parliament House where the problem was discussed. The committee members rightly pointed out that people are unable to fully exploit Amazon as PayPal does not operate in Pakistan
The committee looked at a petition filed by a citizen Mohammad Bilal Mukhtar, who had appealed to the Senate Secretariat to take notice of the issue. According to the petition,
We want PayPal in Pakistan as there are lots of people who are working as free lancers and we face issues regarding payment and PayPal is the most convenient way to transfer or receive funds from freelancing websites and clients.
During the panel meeting, a spokesperson of the State Bank of Pakistan said that there is no restriction by the State Bank of Pakistan on PayPal. But said,
However, PayPal has not approached the State Bank of Pakistan (SBP) for the same. Entering into a particular market is a business decision and SBP is of the view that there is no restriction on entry/operations of any international payment gateway in Pakistan subject to compliance with related foreign exchange regulations.
Committee members told that PayPal is operating in a number of small countries that have a population lower than that of Pakistan, but it is astonishing that they are not operating in Pakistan – a country with an over 220 million population.