ISLAMABAD: PayPal, an online payment system, has agreed to enter into a partnership with a Pakistani company through which freelancers will be able to receive money, a local media outlet reported on Monday.
Payoneer will securely manage the funds earned by freelancers and transfer them to the recipient’s bank accounts in the country.
The specific fees charged by Payoneer for facilitating these transactions between PayPal and freelancers are yet to be disclosed. In Pakistan, there are approximately 4 million freelancers, with around 1.5 million working permanently. This trend is particularly prominent among the youth with IT skills.
Good news for freelancer
PayPal enters Pakistan market 😍 pic.twitter.com/WtwbTLFdbq— Attal Khan (@attalkhan786) January 9, 2024
To operationalize this arrangement, the Ministry of Information Technology and Telecom has also signed an agreement with PayPal and is set to unveil the framework on January 11, 2024. With this development, freelancers in Pakistan can now open dollar accounts, with a requirement to maintain 50% of the amount in US dollars.
Good News for Freelancers!
Pakistani freelancers will be able to receive payments via PayPal.#PayPal #UmarSaif #MOITT pic.twitter.com/e9hmxi1n9D
— Ministry of IT & Telecom (@MoitOfficial) January 8, 2024
The caretaker government has addressed a significant demand of freelancers by enabling this financial mechanism. Dr. Umair Saif, the Federal Minister for IT & Telecom, shared the positive news in a video message, highlighting that Pakistani freelancers can now receive payments through PayPal without the necessity of opening a PayPal account. This streamlined process allows anyone outside Pakistan to send money through PayPal, which can then be received in Pakistani banks.
