IT specialists in Pakistan believe they should support a strong domestic payment system to improve global economic ties. PayPal and Stripe should also be allowed in.
Noman Said, a digitalization expert, computer entrepreneur, and international investor in information technology, expressed his enthusiasm and predicted a revolution in Pakistan’s technology sector due to PayPal and Stripe’s international payment gateways.
His collaborations with US trade associations, universities, and IT companies suggest processing over $800 million in the first year. He believes Pakistan’s IT economy is about to change.
He advised the Special Investment Facilitation Council (SIFC), IT firms, federal and provincial authorities, and Dr. Umar Saif, the Caretaker Federal Minister for IT and Telecommunications, to promote entrepreneurship, digital government, and technocracy. He believes it is crucial to Pakistan’s national interests and a technology roadmap for economic restoration.
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Internet pioneer and entrepreneur Monis Rahman believes PayPal, Stripe, and others would aid Pakistan because of its global economy. Despite foreign participants’ worries, Rahman said Pakistan must create its own payment system. This keeps Pakistan in the global market and economically independent.
Pakistani economist Faiz Ul Haq told the Express Tribune that the State Bank of Pakistan must adopt international norms. Pakistan’s banking system would accept foreign FinTech and financial gateways. Haq proposes revising Pakistan’s banking laws and organisation.
He claims that everyone acknowledges the need for trade and economic diversification in Pakistan’s export portfolio. Prioritising new, significant contributors from industries other than textiles is a good idea. Reviving the economy is also believed to include growing the tax base and economic activity records.
Given that 64% of Pakistan’s population is under 34, tapping into their IT potential might be game-changing. Haq believes independent contractors must be classified as World Bank “Micro, Small, and Medium-Sized Enterprises” (MSMEs).
The projected transfer of at least 1,200 IT firms and over 75,000 independent contractors in the IT and ITeS industries to PayPal and Stripe will level the playing field. They can now challenge competitors from the area and beyond who were previously unable to receive payments from customers outside.
Special Thanks To The Express Tribune and Wallpaper Cve
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