Pakistan has one of the lowest financial inclusion ratios in the world, with only 21.3 percent of the population having access to banking services, within which only 14.3 percent make digital payments, according to research by the World Bank in 2017. This indicates the low priority given to the digital payment ecosystem either due to the traditional banking mindset such as the use of paper for checks and money orders or due to other structural problems.
The use of digital payments and online shopping increased abruptly during the prevailing condition of the pandemic. However, businessmen, traders, and freelancers are still facing digital payment services issues as PayPal – a worldwide banking channel offering online transactions – has declined to initiate its services in Pakistan.
PayPal is an American company and is internationally the largest third-party services provider of monetary transactions with high-tech accounts security and a top-notch financial management system that operates in about 200 markets and has 277 million registered accounts. It also allows its customers to send, receive, and hold funds in 25 currencies.
The Pakistani freelancing community comprises around 200,000 freelancers and over 7,000 registered small and medium enterprises (SMEs) that are majorly in need of PayPal services to be able to do business with international companies without the hassle of currency transfer.
Pakistan has been ranked as the fourth fastest-growing freelance market with...
Read Full Story: https://propakistani.pk/2022/06/03/paypal-is-not-launching-its-services-in-pakistan-due-to-these-issues/
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