Why PayPal is Not Available in Pakistan | Alternates to PayPal
Do you want to know why PayPal is not available in Pakistan, What are the obstacles stopping PayPal to operate in Pakistan, and What are the alternate payment systems to PayPal in Pakistan? You’re in the right place.
PayPal is one of the world’s leading online secure payment and money transfer systems. Apparently it’s available in 190 countries but with lots of restrictions and limitations. Literally its full services are available only in 30 or 32 countries.
A very common question that most of the Pakistanis raise and which has been a riddle for them is, why PayPal does not offer its services in Pakistan?
In Pakistan, there are three perceptions:
- Countries like India, Pakistan, Bangladesh, & Afghanistan have always been involved in online scamming and other fraudulent activities. Though PayPal is available in Sri Lanka, Afghanistan, & Bangladesh, but they do not enjoy its full services.
- Pakistan’s financial institutions suspect that PayPal can be used for money laundering.
- The State bank of Pakistan has very strict banking policies for foreign banks and investors. According to eCommerce and business experts State Bank of Pakistan demanded two things from PayPal (1) A huge money as a security should be deposited in the State Bank of Pakistan (2) Whatever money PayPal collects in 24 hours it will pay its 45% share to State Bank of Pakistan.
In my opinion, the third point is most reasonable because for such harsh and strict business policies foreign businesses and investors become reluctant to invest in your country. These policies are needed to be changed if Pakistan seriously wants PayPal to operate.
There are millions of potential users of PayPal in Pakistan. Hundreds of thousands of people who are doing online businesses, trading, and freelancing are receiving money through different payment methods.
There are so many online companies providing millions of jobs all over the world, but they require a verified PayPal account, which has always been an impediment for those who don’t have verified PayPal accounts.
Alternate Online Payment Systems to PayPal
There are many alternate payment methods to PayPal through which you can receive money in Pakistan such as Payoneer, Wise, etc. You can receive money via these payment methods from any part of the world and withdraw to your local bank account.
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