In February, the then Finance Minister Asad Umar, had said talks were underway to bring PayPal, American company operating a worldwide online money transfer system, to Pakistan. However, according to recent updates, PayPal has refused to come to Pakistan citing security issues as its major concern.
According to Ministry of Information Technology Secretary Maroof Afzal briefing to the Senate Standing Committee on IT, “PayPal did not decline because it has issues operating in Pakistan. Their internal working is such that they are not ready to introduce services in Pakistan.”
Commenting on the situation, Senator Mian Mohammad Ateeq Shaikh, said, unless there are laws to protect the company’s interests in Pakistan, PayPal will be afraid to operate in the country.
“One case of money laundering could cause significant problems for PayPal. PayPal must have the backing of the government that it can secure the interests of the company,” Shaikh said.
Back in November 2015, the IT Ministry had announced that it intended to invite global online payment giants PayPal and Alibaba to offer their services in Pakistan. However, nothing concrete could be done in this regard.