Pakistan’s downed market has to bear loss of billions dollors as US-based financial services company PayPal has refuse to enter in Pakistan’s market because of its “internal issues”, announced Information Technology Secretary Maroof Afzal during a Senate Standing Committee on IT briefing.
“The highly anticipated arrival of Paypal, the global online payment system has been under the spotlight of criticism as Paypal has decided not to introduce services in Pakistan as of yet”, IT secretary told a Senate Committee. Senator Rehman Malik pointed out that one of the problems being faced by Pakistan is the lack of credit checking. “We were given details of 200 bank accounts with suspicious transactions. The IT ministry should implement the system of credit checking.”
PayPal is an online money transfer system used by individuals and businesses to make payments. For example, a consumer can purchase his favourite book from Amazon.com if he has a PayPal account. However, the services were not available in Pakistan.
In October 2018, former Finance Minister Asad Umar asked the IT ministry to form a task force to either convince PayPal to come to Pakistan or work on launching a home-grown online payment system.