While addressing the ceremony at Chamber of Commerce, the finance minister, Asad Umar shot down the rumors and revealed that actually, they have been after PayPal for some time now.
“What you’ve been told about PayPal is completely wrong,” said the minister in response to a question.He added,
“PayPal is neither stuck at my desk, nor the State Bank, nor any other government institution. The situation is actually reverse. We are [actually] chasing PayPal. I took this even though this issue is not directly related to me.”
The Finance Minister claimed that he is well aware that PayPal presents a great opportunity for Pakistan and it is an excellent source of income for local youngsters who work from home.
“They face immense difficulties without PayPal or any effective online payment system,” said Asad Umar.While it wasn’t his job, he said that he took it upon himself to ensure PayPal’s arrival.
“This is why I took the initiative myself and had a message sent to the PayPal chief executive officer and told him that, ‘This is such an important issue, if you want, I can fly to the US myself and meet you’. We have made contact with them and initiated a dialogue with them.”Lastly, Asad Umar talked about AliPay which is a part of Alibaba, whose subsidiary is Ant Financial. This Ant Financial has acquired the majority shares of Telenor Bank which should be helpful in improving the digital banking market in Pakistan.
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