ISLAMABAD: The News said on Monday that PayPal, an online payment system, has decided to collaborate with a different business in Pakistan to sign a contract that will enable freelancers to get paid.
The firm Payoneer, which also provides digital payment services, will safeguard freelancers’ earnings from overseas and deposit them into the recipient’s national bank account.
The fee that this startup, Payoneer, will charge for its services to move money between PayPal and independent contractors is still unknown.
There are about 4 million independent contractors working in the nation, of which 1.5 million are employed permanently. It is thought to be a rising phenomenon in Pakistan, particularly with young people.
In order to put in place the necessary structure to make this arrangement operate, PayPal and the Ministry of Information Technology and Telecom also inked an agreement. This mechanism will be announced by the Ministry of IT & Telecom this week, on January 11, 2024.
Freelancers could now create dollar accounts, but they would need to keep half of the balance in US dollars. Therefore, one of the main requests of the nation’s freelancers was met by the caretaker administration.
It’s wonderful news for Pakistani freelancers that PayPal will now be allowed to pay them, according to Federal Minister for IT & Telecom Dr. Umair Saif in a video message.
We have created a system that eliminates the requirement to create a PayPal account. Through a PayPal account, anyone seated outside of Pakistan can now contribute money, which can subsequently be deposited into Pakistani banks,” he continued.
