By Aitizaz Hassan

ISLAMABAD, Aug 16 (INP-WealthPK): Pakistan is a significant freelance exporter with a growing market over the last three years.

The freelancing community is facing massive trouble in receiving payments due to shortage of well-trusted electronic payment service providers. Resultantly, they use informal or indirect ways for creating PayPal accounts in Pakistan.

Pakistan is the fifth largest amongst the 50-country index and the third most prominent place in the Asian countries as far as freelancing is concerned. Despite these encouraging facts, a trusted, user-friendly, safe and worldwide accepted electronic payment system is lacking. Resultantly, the freelancers end up using risky platforms for funds transfer. In this situation, they would prefer, and require an international payment system which is safer, trustworthy and offers quick services for customers.

Talking to WealthPK, Dr Tahir Mumtaz Awan, head of China Study Center COMSATS, said there are policy hinderances in the way of online financial credit system, but he doesn’t think that this should be the base of any excuse.

He said that without PayPal and Payoneer services in Pakistan, our freelancers are already doing a great job. “It shows that we have massive potential in freelancing industry,” he said.

Dr Tahir said that Amazon added Pakistan in its seller list in May 2021. Pakistan secured the third position just in one year because the Amazon administration recognized Pakistan e-commerce potential.

“This bubble, which is being created recently, will also fascinate the PayPal and Payoneer to add Pakistan to their partner list,” Dr Tahir said.

The head of COMSATS China Study Center said it takes a gradual process to utilize any international financial services.

“The positive sign is that Pakistan is going towards online financial credit,” he said, adding that recently, Pakistan developed the Raast app which is a millstone for local fintech technology.

So far, 32 banks of Pakistan are registered at Raast. Raast app can be an online payment facility like WeChat and PayPal.

“We should develop a local digital payment structure which can integrate with international fintech instead of shifting our money to other services. There will be a stage soon when there will not be any difference if we pay either through Raast or PayPal and any other international fintech service,” he said.

Dr Tahir said there are many outstanding freelancers who are working in Pakistan without any support of international fintech, and they are earning in millions.

“It means if you are a good freelancer then even without PayPal service you can earn more,” he said.

 Hindrances and barriers vary country to country if we face absence of PayPal.

 In China, the language barrier is a big issue. Many people do their transaction in Chinese language.

“In China, the entire financial services are enabled through WeChat which doesn’t allow its financial services in Pakistan because of our location. But we are managing financial services with China through other methods,” Dr Tahir said.

Credit: Independent News Pakistan-WealthPk