Atif Khan ( Pakistan )
Wed, Feb 2022
Wed, Feb 2022
Even during the challenging times of COVID, Pakistan has been resilient in its approach to identify opportunities for growth and scale heights that were once only stuff about dreams. The world is beginning to see some bright spots in its battle against COVID-19 and with that; Pakistan is coming across as a shining opportunity for many key industries. Pakistan Stock Exchange did show a remarkable high late in May. Overseas contribution with high remittances and with smart phone applications like Western Union, Xoom and Remitly injecting the much-needed stimulus into the economic jugular that was much needed – Pakistan’s potential is unlocked. Most recent development is that Amazon has tapped into Pakistan market of 220 million population, Paypal can be a key business integrator. Let me list just some of the reasons why PayPal and Pakistan will make a powerful team:
There is a built-in marketplace for money exchange services that currently have a foothold in the market, but PayPal can step into that market share through its robust foundation that is already established worldwide. Connectivity compliments economic growth like no other. Furthermore, while it will have capital to compete with others, this is not a market that can be ignored. Through better financial options and service access this could potentially be one the kind game changers that we all seek in a new post COVID world.
CNBC recently reported Pakistan as 4th country (after USA, UK and Brazil) for freelance work, a major driver for online payment portals. A large growing economy, a younger population and booming telecommunication sector(more on this later), this is a recipe of success and if these were not cues enough for PayPal to enter Pakistan, rest assured after the entry of Amazon into the Pakistan online space, this will be inevitable. Pakistan and PayPal are destined to work together. Together they can achieve milestones that are not only possible but will make online retail open avenues never seen before.
One of the reasons is the abundance of experienced and willing workforce that could support the organization whether that be in terms of administration, marketing, or engineering the application itself from the backend to systems reliability within the country, not to forget, significantly lower costs of capital. Pakistan’s youth is the catalyst for development with a median age in twenties; Pakistan has a very young and vibrant workforce.
According to UNDP (2018) report, 64% percent is younger than 30 – this has resulted in the online phenomenon to give rise to a mushroom growth of online incubators and online shopping boom for ecommerce, these along with the financial incentives can possibly be explored whether that be in terms tax-based subsidies or state incentivized development deals for operational purposes to give PayPal the headstart it would need.
Telecommunication and E-Commerce
It should be noted that Pakistan has a significant number of younger individuals that are actively consuming the internet whether that be through Wi-Fi or mobile data plans with coverage now reaching rural areas far. From the first cellular network services available in 1990, today Pakistan proudly boasts connectivity of 100 million cellular users and growing continuously.
Only recently, a retail online ecommerce application, “Tajir” (Trader) created ripples by securing funding of $17M and current presence of Alibaba, Daraz.pk and some others, this is the platform that is much eagerly awaited by Pakistanis at home and overseas.
Recently, Amazon has shown their Trust in Pakistan’s ability to boost their global business by tapping into a country of 220 million people. Amazon has nodded to add Pakistan to its approved sellers’ list, a huge development that is being seen as a major boost to the country’s e-commerce industry. Amazon’s sellers’ list will create opportunities for the exporters to sell their products through the platform, which provides a potential business case/proposition for PayPal in the longer term.
Patronize your support for Pakistan proudly by signing this petition, to procure PayPal to Pakistan.
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