Caretaker IT Minister Umar Saif emphasized his commitment to introducing renowned digital payment gateways, such as “PayPal, Stripe, and Wise,” to Pakistan to mark a pivotal milestone in the nation’s quest to digitize its economy.
On a recent Friday, Umar Saif held a crucial dialogue with representatives from the State Bank of Pakistan (SBP). The central theme of this discussion revolved around the prospects of introducing digital giants like PayPal, Stripe, and Wise into the Pakistani market. But that wasn’t the sole agenda.
The stakeholders also delved into the idea of dollar retention accounts and corporate debit cards tailored for the IT sector. Such initiatives are envisioned to smoothen the process for IT companies in terms of holding onto and utilizing their dollar earnings with greater flexibility.
Caretaker IT Minister’s Announcement
Taking to X, the platform formerly known as Twitter, Umar Saif encapsulated the essence of the meeting in a series of key points:
- Digital Payment Gateways: The integration of PayPal, Stripe, and Wise is poised to empower freelancers and e-commerce entities in Pakistan by facilitating seamless financial transactions.
- Empowering IT Companies: By offering dollar retention accounts and corporate debit cards, IT firms can manage their international earnings more effectively.
- RAAST Merchant Payments Enhancement: Saif also accentuated the need to fast-track the subsequent phase of RAAST merchant payments. A particular emphasis was on the introduction of a “request-to-pay” feature.
Concluding his announcement, Umar Saif highlighted the importance of these endeavours, stating that such moves are “imperative for digitalizing the economy and turbocharging the FinTech revolution in Pakistan.”