AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,394 Increased By 99.2 (1.36%)
BR30 24,121 Increased By 266.7 (1.12%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)
Technology Print 2024-01-06

Launch on 11th January: Freelancers to channelize remittances thru Paypal

  • PayPal is not coming to Pakistan but an agreement has been reached under which the remittances would be channelized from Paypal through a third party, says Dr Saif
Published January 6, 2024

ISLAMABAD: The government has resolved the long-standing demand of freelancers while enabling them to channelize remittances through the international gateway—Paypal.

This was revealed by caretaker federal minister for Information Technology and Telecommunication Dr Umar Saif while talking to a select group of journalists, who also stated that the Cabinet has approved the National Space Policy to allow private-sector companies to use low-orbit satellites in space to start satellite communication services for people.

Pakistan to hear ‘good news’ regarding PayPal, Stripe payment gateways soon: Dr Saif

Dr Saif informed that the Ministry of Information Technology and Telecommunication is set to launch several digital initiatives next week including channelizing remittances through PayPal, providing smartphones to customers on easy installments as well as standardized quality test for IT graduates to make Pakistan a “Tech Destination”.

Currently, there is no financial instrument available to facilitate payments.

The minister said that PayPal is not coming to Pakistan but an agreement has been reached under which the remittances would be channelized from Paypal through a third party.

The formal launching ceremony in this regard is scheduled on January 11, he added.

The minister while highlighting the initiatives taken by the government to bolster exports of the IT and telecom sectors, stated that the sector exports is currently $2.6 billion, but in actuality it is around $5 billion as the industry parks a major portion outside the country to pay salaries of their international employees placed with foreign clients and incur monthly expenses for cloud hosting, marketing and sales on platforms like Google, Amazon, LinkedIn etc.

Can Pakistan boost its IT exports to $25 billion in a few years?

“We worked with the SIFC and the State Bank to make a big policy intervention, allowing IT companies to keep 50 per cent of their export revenue in dollars in an account in Pakistan and make their international expenses without any restrictions from this amount,” said the minister, adding that “IT companies are beginning to bring their dollars back home, and our export revenue jumped by 13 per cent in one month.”

Dr Saif further disclosed that his ministry with the coordination of all other stakeholders of telecom companies from January 12, 2024, will launch another initiative under which customers will get the latest model phones on easy instalments. Jazz is planning to offer iPhone on installments, he added.

In case of failure to pay instalment, the Pakistan Telecommunication Authority (PTA) would block the handset on the pattern of Device Identification, Registration and Blocking System’s (DIRBS).

The IT minister said the aim is to incentive responsible financial behaviour and ensure that smartphone accessibility continues to expand.

The minister said that under this policy, telecom companies will have the opportunity to directly offer smartphones to customers through installment plans, thereby, expanding the benefits of mobile broadband, especially among low-income segments in Pakistan.

In Dubai, Dr Umar Saif was a man with a few ‘missions’

In a landmark move set to transform Pakistan’s entrepreneurial landscape, the Ministry of IT and Telecom is poised to unveil the country’s inaugural startup fund on January 9, 2024.

The Ignite-National Technology Fund will take charge as the executing body, ensuring transparency through an independent steering body overseeing the operations.

The federal government has earmarked Rs2 billion for the creation of the Pakistan Startup Fund (PSF). Private investors are expected to match this contribution, with an additional Rs10 billion pledged by venture capitalists for successful startup graduates from the fund.

Replying to another question, he also announced that the Higher Education Commission (HEC) would conduct “Standardized Quality Measurement Tests” across universities in Pakistan to ensure job opportunities for fresh graduates.

'Contract based smart phone policy' being enforced from 15 Jan

The ministry has made significant decisions to revamp IT education in universities in collaboration with HEC, the National Computing Accreditation Council, the Examination Testing Council, the Pakistan Software Export Board, and the Pakistan Software Houses Association.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Twain pen di Jan 06, 2024 06:13am
daydreaming and bluffing..that's the best they can do.
thumb_up Recommended (0)
Aurangzaib khan Jan 06, 2024 10:17am
Why it is so difficult to bring PayPal to Pakistan
thumb_up Recommended (0)
Irfan Jan 06, 2024 01:06pm
Lol... nothing new here. This was already in the news: "Users can receive PayPal payments from US businesses with Payoneer." https://www.digitalinformationworld.com/2023/12/soon-youll-be-able-to-receive-paypal.html What is Dr. Sahb trying to brag about?
thumb_up Recommended (0)
Saeed Jan 06, 2024 02:14pm
Initiative to bring PayPal started during pti tenure caretakers plucking the low hanging fruit of their hard work
thumb_up Recommended (0)
Syed Noman Ali Jan 06, 2024 03:03pm
Can anyone guide how can bankers or general public join the formal launching ceremony scheduled on Jan 11 for the channelizing of freelancer's remittances from Paypal through third party?
thumb_up Recommended (0)
Dora the raider Jan 06, 2024 04:53pm
I really hope that they dont just introduce only "Hyperwallet" service from paypal that I use to get dollar into Payoneer. I am a freelancer myself and hope we can get some useful service.
thumb_up Recommended (0)
Dora the raider Jan 06, 2024 04:59pm
@Aurangzaib khan, try doing simple business in Pakistan, and then imagine you are global leader in payment and how much abuse your system can take from 250 millions.
thumb_up Recommended (0)
Badar Jan 06, 2024 05:40pm
Why PayPal not coming to Pakistan?
thumb_up Recommended (0)
Sanan Jan 06, 2024 07:02pm
@Dora the raider, what?
thumb_up Recommended (0)
Aam Aadmi Jan 06, 2024 08:38pm
Before promoting freelancing and taking your IT exports to billions of dollars, please provide reliable and reasonably fast internet services in the twin cities as a first step. If you cannot do that, forget the rest. None would believe that not all sectors in the twin cities are covered by internet.
thumb_up Recommended (0)
Hamid Jan 06, 2024 10:10pm
Shaikh Chilli Compromised Inc ...dreaming is free...not going to happen! People have zero confidence...they are not going to guve their hard earned money to crooks and compromised!
thumb_up Recommended (0)
Tahir Jan 07, 2024 11:54am
What has been the government's role in it? Does Payoneer belong to Pakistan? Bus credit lenay a jatay hain foran. Wo PayPal and Payoneer ki apni partnership hy inhon ny ismain kiya kiya.
thumb_up Recommended (0)
Syed Kamran Jan 07, 2024 03:27pm
Right now we do not need PayPal if they are not wlling to come to Pakistan. We are ok with payoneer. This is the prime responsibility of Government of Pakistan to bring every platform here in Pakistan. They should see the growth of India in IT/Ecommerce field.
thumb_up Recommended (0)
Syed Kamran Jan 07, 2024 03:31pm
It's too late but never too late. Bring every earning platform here in Pakistan.
thumb_up Recommended (0)
Sajid Jan 07, 2024 04:07pm
@Irfan, right
thumb_up Recommended (0)
E Jan 07, 2024 06:42pm
@Aurangzaib khan, It's embedded racism theg can easily come but they DONT WANT TO come. Another factor is that the market is too small and that pakistan was till recently on fatf and other grey lists.
thumb_up Recommended (0)
E Jan 07, 2024 06:46pm
@Syed Kamran , igtech is powerful they just don't want to come. It's embedded racism. Hiw much can pakistani market defraud them really??? In their defence pakistan qas on fate grey lists etc.
thumb_up Recommended (0)
J K Jan 07, 2024 11:34pm
Is anyone willing to trade with Pakistan?
thumb_up Recommended (0)
Mohamed Mohamedali Jan 08, 2024 09:03am
It's about time Government of Pakistan starts to allow free flowing of capital. I hope they don't do this half heartedly or on ad-hoc basis.
thumb_up Recommended (0)
Mohamed Mohamedali Jan 08, 2024 09:04am
@Aurangzaib khan, this is because the corrupt people want lump sums not pennies.
thumb_up Recommended (0)
Hilarious Jan 08, 2024 03:52pm
@Syed Kamran , you may not need it, but the people who actually provide services or goods internationally would greatly benefit from it. Also to the other gent commenting “embedded racism” there is no racism when it comes to money the term I believe you were looking for is “embedded corruption” there’s a reason almost all multinational banking giants have left the country.
thumb_up Recommended (0)
Javed Isaac Jan 09, 2024 07:09am
And finelly confirm paypal is not comming in pak. Its just a big joke. In pakistan you just see dreams with open eyes.
thumb_up Recommended (0)
Sugon Dzntz Jan 09, 2024 01:56pm
"Users can receive PayPal payments from US businesses with Payoneer" since 2010 as I recall, this guy is a third class con artist.
thumb_up Recommended (0)
Abdul Wahid Jan 09, 2024 09:48pm
Respected sir i am also used pay pal verified account used in pak last 7 years
thumb_up Recommended (0)