Facilitating PayPal and Stripe Payment Platforms in Pakistan

"Our top priority is to Boost Pakistan's IT Industry by Unlocking PayPal and Stripe Payment Gateways for Pakistan's Freelancing Community"   IT Minister Dr. Umar Saif 

Dr. Umar Saif, the Caretaker Federal Minister for IT & Telecom, and Science & Technology, has announced that making PayPal and Stripe payment gateways available in Pakistan is a top priority for the current administration. During his speech at the ITCN Asia 2023 event in Karachi, he acknowledged the challenges faced by Pakistani freelancers due to the absence of these popular payment platforms.

Dr. Saif stressed the significance of enabling PayPal and Stripe, recognizing their vital role in supporting the freelance community, which constitutes a substantial portion of Pakistan's online workforce. He also expressed his intention to engage with representatives from these companies to collaborate on achieving this objective.

Moreover, Dr. Saif highlighted the potential of Pakistan's IT industry in addressing the country's trade deficit. He emphasized that the IT sector, supported by a large, well-educated, and tech-savvy population, can play a pivotal role in improving the nation's economic outlook. Pakistan's IT industry has already achieved global recognition as the second-largest online marketplace for freelancers, boasting approximately 400,000 online freelancers who contribute significantly to the economy.

Dr. Saif acknowledged the obstacles faced by the IT industry, including the challenges posed by evolving tax regulations and difficulties in repatriating funds to Pakistan. He reiterated the government's commitment to facilitating the industry's growth, including exploring the feasibility of dollar retention accounts, which could lead to a substantial increase in the industry's size, from $2.6 billion to $3.5 billion, within a short timeframe.