PayPal is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
The company operates as a payment processor for online vendors, auction sites, and many other commercial users,
For which it charges a fee in exchange for benefits such as one-click transactions and password memory.
PayPal’s payment system, also called PayPal, is considered a type of payment rail.
A payment rail is a payment platform or a payment network that moves money from a payer to a payee.
Either party could be a consumer or business, or both parties are able to move funds on the network.
History of PayPal
PayPal was established in December 1998 as Confinity, a company that developed security software for handheld devices founded by Max Levchin, Peter Thiel, Luke Nosek, and Ken Howery.
PayPal was developed and launched as a money transfer service at Confinity in 1999, funded by John Malloy from Blue Run Ventures.
Why PayPal is not coming to Pakistan
PayPal is operating worldwide almost all around the globe the reason behind refusing of PayPal to Pakistan was the internal issues.
Pakistani director who is working in the company wants to bring PayPal to Pakistan But there are so many reasons that the PayPal Company is not accepting.
The first reason is due to fearing of the money laundering in the system in Pakistan the company has refused to come to Pakistan.
Senator Mohammad Ateeq Sheikh said that the government should guarantee to PayPal and ask them to come via Public-Private Partnership and remove their doubts.
One of the huge disadvantages of PayPal not coming to Pakistan is that it’s holding us back from the freelance sector which needs a payment gateway to flourish.
For example, a consumer can purchase his favorite book from Amazon.com if he has a PayPal account.
However, the services were not available. you can directly online buy that book.
Advantages of PayPal in Pakistan
PayPal account can be used only for sending & receiving the payments, there is no way to send the direct payment from PayPal to Pakistan.
You can sale your dollars to us & get the payment through easy paisa or Local Bank transfer in Pakistan.
There are so many other benefits as well to have a PayPal account.
The flexible way to shop Make purchases, transfer money and pay bills right from your linked credit, debit or other payment accounts.
Just choose the payment method you want to use when you check out. It’s easy to link multiple payment methods to PayPal.