Brief Introduction to PayPal
Latest Update on PayPal launch in Pakistan;- PayPal is an American company that offers an internationally recognized online payment system to different groups of people around the world. With PayPal. You can send and receive money online from the comfort of your home.
Moreover, you can also shop and buy anything you want by paying the payment through your PayPal account. For providing all these amazing services, it charges a nominal amount of fee from its users.
It is one of the easiest, fast, most secure, and most efficient methods of sending and receiving money. At present, it has millions of active accounts, as it provides its facilities to around 202 markets.
If you have a PayPal account then it will let you send and receive money in 25 different currencies worldwide.
Not only this, it’s IOS and android applications allows you to use your PayPal account to perform transactions at your convenience too.
How to Create a PayPal Account?
- Go to www.paypal.com/pk/home and open the PayPal website.
- Hit on the “Sign Up for Free” button.
- Now, click on the Business or Personal Account, according to your requirement, and then click “Next”.
- Then enter a valid email address so that you can verify your account easily.
Your PayPal account can’t be verified unless or until you don’t provide bank details. And to add more there is a limitation that PayPal only accepts bank details of the countries where it is operational such as the USA, Canada, or Dubai.
So at present, there is a slight use for people who wants to use PayPal in Pakistan.
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Latest Development for Bringing PayPal to Pakistan
In a recent update, it has been known that the current Government is also keen to initiate efforts to bring PayPal to Pakistan soon.
Prime Minister Shahbaz Sharif will attend the annual meeting of the World Economic Forum in Davos, Switzerland next week where he will meet global leaders, the CEOs of energy sectors, and commerce delegations.
He will also meet with PayPal representatives and invite the company to launch its services in Pakistan.
Massive attempts had already been made in 2015 and 2019 to bring the global online payment company to Pakistan but it had refused to come over to Pakistan irrespective of a huge number of people awaiting its operation in Pakistan to be benefited from its services.
PayPal’s major concern for entering the Pakistani market is the long list of regulatory restrictions by the State Bank of Pakistan (SBP) and the complicated three-step approval process also PayPal is reluctant to come to Pakistan because there are no regulations to protect the company’s interests as sincere efforts were being made during PTI Government regime too
Pakistan being on the FATF gray list is also among these problems for PayPal has not been operationalized yet in the country.