PayPal, Stripe coming to Pakistan as govt eyes boosting IT exports by $5bn
ISLAMABAD – The interim government is chalking out a strategy to bring online payment giants PayPal, and Stripe to Pakistan, in the latest bid to push the country’s IT exports.
Pakistan’s IT exports witnessed a huge surge of around 24percent in May 2023, while the annual number was recorded at $2.6 billion in 2022.
Lately, caretaker IT Minister and tech pioneer Dr Umar Saif said his government planned to boost IT exports by $5 billion by training over 2lac professionals, channelizing dollar retention accounts, and bringing global online payment platforms Paypal and Stripe to Pakistan.
More than 6 lac Pakistanis are exporting their IT services around the globe, mostly through freelance work or different IT techs, and raking in $250 million per month in export remittances to South Asian countries.
Amid continued surge in IT exports, freelancers are facing payment issues as online payment platforms Paypal, and Stripe are currently not operating in Pakistan, due to a lack of business opportunities, regulatory and compliance issues, besides concerns of fraud and money laundering.
In a social media post, Dr Umar Saif said Prime Minister Kakar has approved and appreciated our plan for the Ministry of IT and Telecom which includes bringing PayPal and Stripe to Pakistan and establishing co-working spaces for 500,000 freelancers to increase their potential to an additional $3 billion per year.
The former PITB chief said interim PM also gave nod to provide incentives for local manufacturing and export of smartphones in Pakistan, as well as smartphone financing platform to enhance local demand.
He further mentioned rolling out 5G auction within ten months by implementing active spectrum sharing, progressive taxation policies, and favorable regulations.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
|Lahore||PKR 216,300||PKR 2,486|
|Karachi||PKR 216,300||PKR 2,486|
|Islamabad||PKR 216,300||PKR 2,486|
|Peshawar||PKR 216,300||PKR 2,486|
|Quetta||PKR 216,300||PKR 2,486|
|Sialkot||PKR 216,300||PKR 2,486|
|Attock||PKR 216,300||PKR 2,486|
|Gujranwala||PKR 216,300||PKR 2,486|
|Jehlum||PKR 216,300||PKR 2,486|
|Multan||PKR 216,300||PKR 2,486|
|Bahawalpur||PKR 216,300||PKR 2,486|
|Gujrat||PKR 216,300||PKR 2,486|
|Nawabshah||PKR 216,300||PKR 2,486|
|Chakwal||PKR 216,300||PKR 2,486|
|Hyderabad||PKR 216,300||PKR 2,486|
|Nowshehra||PKR 216,300||PKR 2,486|
|Sargodha||PKR 216,300||PKR 2,486|
|Faisalabad||PKR 216,300||PKR 2,486|
|Mirpur||PKR 216,300||PKR 2,486|