Potential Arrival
ISLAMABAD: Caretaker IT Minister Umar Saif has expressed his determination to facilitate freelancers and e-commerce companies in Pakistan by bringing major digital payment platforms, including PayPal, Stripe, and Wise, to the country.
Saif discussed this proposal with officials from the State Bank of Pakistan (SBP) during a meeting held on Friday. The meeting also addressed other key initiatives aimed at enhancing the financial ecosystem in Pakistan, including the introduction of dollar retention accounts and corporate debit cards specifically designed for IT companies.
These measures will enable IT firms to efficiently retain and utilize foreign currency earnings.
Umar Saif shared his enthusiasm about the progress made during the meeting through a post on social media, stating, “Very productive meeting with the wonderful team at the State Bank. Full steam ahead on three important initiatives.” He further outlined the three key initiatives as follows:
- Bringing PayPal, Stripe, and Wise to Pakistan: This move aims to simplify payment processes for freelancers and e-commerce businesses, allowing them to receive payments seamlessly.
- Introduction of Dollar Retention Accounts and Corporate Debit Cards: This initiative is geared towards IT companies, enabling them to retain and spend their foreign currency earnings with ease.
- Accelerating the Next Stage of RAAST Merchant Payments (P2M): Saif emphasized the importance of advancing this Payment-to-Merchant (P2M) platform, including a request-to-pay facility, as a critical step in digitizing the economy and bolstering the FinTech revolution in Pakistan.
The introduction of these digital payment platforms and financial services has the potential to transform Pakistan’s digital economy, making it more accessible and efficient for businesses and freelancers alike.
