PayPal is one of the most popular online payment methods in the world, but it is not available in Pakistan. This has been a source of frustration for many Pakistanis, who see the lack of PayPal as a barrier to doing business online.
There are a number of reasons why PayPal has not come to Pakistan.
One reason is that Pakistan is on the Financial Action Task Force (FATF) “grey list” of countries that are considered to be at risk of money laundering and terrorist financing. PayPal is reluctant to operate in countries that are on the FATF grey list, as it could be seen as a sign of support for financial crime.
Another reason why PayPal has not come to Pakistan is that the country’s banking system is not fully integrated with the global financial system. This makes it difficult for PayPal to process payments in Pakistan.
Finally, the Pakistani government has not been able to provide PayPal with the necessary assurances that it will be able to operate in the country without being subject to harassment or interference.
The lack of PayPal in Pakistan has a number of negative consequences. It makes it more difficult for Pakistanis to do business online, and it limits the opportunities for Pakistani businesses to expand into international markets. It also makes it more difficult for Pakistanis to receive remittances from friends and family members living abroad.
The Pakistani government has taken some steps to address the issue of PayPal’s non-availability in the country. In 2019, the government passed a law that requires banks to provide access to international payment gateways. However, this law has not yet been implemented, and it is unclear when it will be.
The Pakistani government needs to do more to convince PayPal to come to Pakistan. This could involve taking steps to improve the country’s banking system, providing PayPal with the necessary assurances, and working with the FATF to remove Pakistan from the grey list.
The arrival of PayPal in Pakistan would be a major boon for the country’s economy. It would make it easier for Pakistanis to do business online, expand into international markets, and receive remittances from abroad. It would also create jobs and boost economic growth.
The Pakistani government should make it a priority to bring PayPal to Pakistan. This would be a major step forward for the country’s economy and its people.
In addition to the reasons mentioned above, there are a few other factors that may be contributing to PayPal’s reluctance to come to Pakistan.
- The Pakistani government’s track record on financial crime. Pakistan has a long history of financial crime, including money laundering and terrorist financing. This has made it difficult for PayPal to trust the Pakistani government to ensure that its systems will not be used for illegal purposes.
- The Pakistani economy. Pakistan’s economy is relatively small and underdeveloped. This makes it a less attractive market for PayPal than larger, more developed economies.
- The Pakistani market. The Pakistani market is very competitive, with a number of local payment providers already operating in the country. This makes it difficult for PayPal to compete and gain market share.
Despite these challenges, there are a number of reasons why PayPal may still decide to come to Pakistan in the future.
- The growing Pakistani middle class. The Pakistani middle class is growing rapidly, and this is creating a large and growing market for online payments.
- The rise of e-commerce. E-commerce is growing rapidly in Pakistan, and this is creating a need for a secure and reliable payment method.
- The government’s efforts to improve the business climate. The Pakistani government is making efforts to improve the business climate in the country, and this could make it more attractive for PayPal to invest.
Only time will tell if PayPal will decide to come to Pakistan. However, the factors mentioned above suggest that it is a possibility in the future.