Hi friends today I will talk about regarding PayPal. What is PayPal its importance and what is the main problem (barriers) PayPal coming in Pakistan. What are the reasons for which there is still no facility in Pakistan and how complex it is for the government to do? And above all, what can a common man benefit from it? The answers to these questions will be shared with you in this article.
- What is PayPal?
- Why is PayPal important for Pakistan?
- What is the problem in PayPal coming to Pakistan?
What is PayPal?
It’s a simple task. It is used for delivery of a small amount of online. It is also named Pay to Pair i.e. exchange of money between people. There are very few countries in the world, including Pakistan, where there is no start. Now there are some systems coming out of mobile payments, but the same method is used around the world. This only requires the email you have received and you can make your money delivery overseas.
For example, Bahawalpur Multan or anywhere, a lady is dressed out and dressed out. It’s easy to send, but if they want to earn money, instead of paying for it, they can sit at home and take it. In this, you do not have to go to the home of the Easy Paisa or Western Union counterpart. It is very important for international E-commerce. People who are attached to small businesses can use it. It’s easy for you locally. Its example is that according to the State Bank last year, the total cost of electronic transactions, online sales and sales remained more than one billion across Pakistan.
Here it also needs to know that it does not include Daraz, Cream, Uber, etc. The reason for this is that Gateway is not local for their payments. Meaning that when you use a credit card, the transaction is out, your country’s local level does not include E-commerce.
It is half a percentage compared to shopping in entire Pakistan, while online shopping in India is 2% two percent and 9% nine percent in the US, and it is more than 23% in China.
Why is PayPal important for Pakistan?
The number of Internet users in Pakistan is more than 6 million, but these users cannot shop online because the payments system is not good here. Due to PayPal demand and status worldwide, Pakistan can increase international commerce. Pakistan wants to increase its exports. This will happen when you send out stuff and get money from there and it’s not just at the top of the companies, but people do it at the very least.
At present, Pakistan’s population is above 20 million while our exports are about $ 20 billion. In comparison to that, Singapore’s total population is 50 million, exports are $ 372 billion. It is not that there is a lack of skill in Pakistan, everyone has some skills but the problem is accessible in the market and money. Now, if both of these things happen, then the skilled people here have a problem with the company offered by a problem like PayPal.
What is the problem in PayPal coming to Pakistan?
The PayPal that works in the country runs according to the laws and regulations of the country. But the question is how strong your country’s laws and related financial institutions are and how much it is implemented. At this time, due to this big company coming to Pakistan, the reason for forgiveness is Pakistan’s rankings in Money Laundering, Terrorism, and FATF. Because if its smallest payments were used in the wrong place, their reputation also will be bad.
And if there are such measures, the relevant company would like to know that how government and related institutions are able to handle these things and deal with such situation so that no one repeats it and any company demands these demands. Every government has tried that the International Companies come here, but doing verbal words will not be anything. Our government tells them that you should come, but the government should try to speak clearly and talk about what their concerns are, and then Pakistan will resolve these issues.
And this is just the need to talk with PayPal, not with other international companies and it requires dialog.
Pakistan can bring smaller companies than PayPal. It includes Google Payments, WeChat, WhatsApp, Strip, and Amazon. If Pakistan talks with these companies on the first level, it can be very good if they bring them. Due to this, the legal and local level issue for PayPal will also be resolved. If our rules and regulations are better, PayPal will also be interested in Pakistan. And remember that in the new business models coming out, all the companies will give you the same demand, this is not limited to just PayPal.