Pakistan Welcomes Israeli Company To Recieve Payments

Warda Shahid

January 9, 2024

PayPal to enter Pakistan via an Israeli third-party app.

Image: Payoneer

ISLAMABAD – Concerns amongst the People of Pakistan as an Israel-owned company gets approval to operate in Pakistan.

It was reported by the News on Monday; that the Israeli-owned PayPal an online payment system has given its approval and consent to sign an agreement with yet another distinctive company in Pakistan thus facilitating all freelancers to receive money for freelance work with ease.

However, the entrance of PayPal which is owned by Israel has raised concerns among the Pakistani audience

For the assurance of money to be deposited to accompany freelancers’ banks another digital payment service provider platform which is Payoneer has taken a guarantee to secure the money earned from overseas and later further transmit it over to respective freelancers’ bank accounts.

Payoneer would take service charges for the securing of money transmission but the service charges for the funds’ transfer between Paypal and the freelancers by Payoneer are still unknown and no further notice or news is heard of as of now.

The dramatic rise particularly of youth with IT skills in Pakistan is inaugurated with freelance work. Approximately 4 million freelancers in the country are in active working firms freelancing out of which 1.5 million engaged in permanent freelance work.

To make the freelance IT work operational in the country, an MoU has been signed between The Ministry of Information Technology and Telecom and Paypal. Further notice by the Ministry of IT and Telecom will be announced in the second week of January dated 11th January 2024.

Freelancers now can open dollar accounts but are mandated to maintain and keep 50% of the amount in US dollars.

Dr Umair Saif, Federal Ministry for IT and Telecom announced for Pakistani freelancers to receive their money through Paypal.

He further said, “We have devised such a mechanism under which there would be no need to open up a PayPal account. Now anyone sitting outside Pakistan could send money through a PayPal account and then the money could be received in Pakistani banks.”