We're live in a world where practically everything is available at our fingertips. The world is becoming more digital, and technology is making life easier for people. The availability of smartphones, laptops, and other electronic devices has revolutionised human life. The business community is embracing digital financial transactions and implementing cashless practises. People chose to pay with credit cards rather than cash. It is less dangerous and safer.
Pakistan still has a long way to go in terms of implementing E-Banking and Digital Financial Solutions. Only 21.3 percent of the population uses banking services, according to the report. Only 14% of this low percentage uses digital payments and E-Banking. It demonstrates the low attention placed on the digital payment ecosystem.
People began freelancing and earning money online as a result of technological advancements. Pakistan's young generation, who are unable to find work, has turned to freelancing, and the country is now ranked as the fourth fastest-growing freelance market in the world, with a revenue growth of 47 percent (Payoneer, 2019), outperforming regional countries such as India and Bangladesh, as well as Russia.
When you're working with customers all over the world, the most important issue is figuring out how to get paid for the services you've delivered. Paypal is the most reputable and trustworthy platform used by freelancers around the world.
PayPal is an American company that operates in about 200 markets and has 277 million registered accounts. It is the world's largest third-party services provider of monetary transactions, with high-tech account security and a top-notch financial management system. Customers can also send, receive, and retain funds in 25 different currencies.
Paypal services are available in developing nations such as Indonesia, Kenya, Nigeria, Somalia, Comoros, Chad, Burundi, and Angola, but the Pakistani community is still unable to use the service. Recently, a Pakistani government delegation met with Paypal management to invite them to begin operating in Pakistan. However, Paypal management declined to do so.
Reasons About Why Paypal Not Launching Its Services In Pakistan
FATF Grey List
Credit Cards Are Widely Used In Pakistan
Huge Amount of License Fee to start Services in Pakistan
Restrictions on Keeping a Fund in a Paypal Account
So still Pakistani freelancing community has to wait for an unknown time when Paypal Services will be started, Pakistan freelancers have to use alternate options.