PayPal and Stripe in Pakistan
PayPal and Stripe in Pakistan Dr. Umar Saif, who serves as the Minister for Information Technology in the interim government, has officially announced the federal government’s commitment to bringing both PayPal and Stripe to Pakistan. This significant development comes after a crucial meeting between Dr. Saif and Caretaker Prime Minister Anwaarul Haq Kakar, during which they jointly approved an extensive project aimed at fostering the growth of the IT industry in Pakistan.
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Dr. Saif emphasized the immense potential of the IT sector, suggesting that it could contribute up to $10 billion in exports if the existing hurdles are effectively addressed. In line with this vision, the Prime Minister has directed various governmental bodies, including those responsible for finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to engage in consultations to facilitate the realization of this goal.
The IT Minister underscored the pivotal role that the IT sector will play in achieving economic stability through collaborative projects. He elaborated on ongoing efforts to provide training and skill development opportunities to young individuals, ultimately raising the quality of services within this sector.
Furthermore, Dr. Saif revealed that the government has initiated plans to train a staggering 200K IT professionals through a partnership between the industry and academia. The ultimate objective is to propel IT exports by an impressive $5 billion, marking a significant step towards Pakistan’s IT industry’s growth and global competitiveness.
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5G spectrum auction approved
Dr Saif said that the Federal Cabinet had approved the framework for Tele-Quom Information Culture and has given permission to set up a committee to auction Kendall on the 4G wireless network.
The committee headed by caretaker foreign minister Shamshid Akhtar will review the availability of factories on various free currency bands, including 700, 800, and 2600 MW, and allow the auction to go ahead based on Safar Ashad of Pakistan Telecom Authority.
Pakistan’s IT sector
Pakistan is growing as an IT nation and its IT sector has the following specifications;
- Pakistan’s IT sector consists of approximately 19,000 companies, offering employment to 150K people and official exports worth $2.5 billion.
- The e-Rozgar program will provide interest-free loans to the private sector and plans to establish co-working spaces for 500K people.
- 1.5 million Pakistanis are working as IT freelancers.
- Pakistan’s IT exports amount to $4-4.5 billion.
Benefits To Bring PayPal and Stripe in Pakistan
The bringing of PayPal and Stripe to Pakistan will provide numerous benefits. Some of them are mentioned here:
Benefits for Freelancers:
Freelancers can receive their money very easily through PayPal and Stripe. It will enable the Freelancers to receive their money without creating any other account.
Support for IT exports:
It will help the government to increase IT exports and will be helpful for the increase of IT business in Pakistan. By this IT exports will increase from $2.6 Billion to $5 Billion by increasing the IT business.
Support for the Freelancer community:
Pakistan’s Freelancer community is growing day by day and this will help to support the Freelancer community.
Improvement in IT payment infrastructure:
The bringing of PayPal and Stripe in Pakistan will improve the IT payment infrastructure.
Final Words
The arrival of PayPal and Stripe in Pakistan will not only make it easier for freelancers to receive payments globally, but it will also mark a significant milestone for the country’s IT sector. This move will enhance Pakistan’s competitiveness in the global IT industry, contributing to the strengthening of the economy.
Furthermore, the introduction of PayPal and Stripe will not only benefit Pakistan’s growing freelancer community financially but it will also open doors for their work to be globally recognized. With increased investment in the IT sector and governmental efforts, Pakistan has the potential to become a modern IT hub. These initiatives point to a brighter future, benefiting not only freelancers but the entire economy of Pakistan.