Payoneer in Pakistan:
Payoneer was founded in 2005 by Americans. This is a platform where all Freelancers can exchange money internationally as easily as they do locally. Pakistan is the Fourth-Largest Country of Freelancers in the world. They need an Online money transferring solution in Pakistan. Payoneer has made life easier in the freelancer marketplace. It is operated by MCB, Standard Charted, Faysal Bank, and others. The users have to verify the account, once it is registered and confirmed payment can be easily made and received through International websites.
Setting up the Payoneer account is very easy. You just have to register by providing the National Id and Passport or Driver’s License to confirm your Identity. You have to be at least 18 years old for this purpose. You need to have a local account ID from any bank. After that, you will be assigned a Virtual account in the United States which will make wiring money effortless and fast. You will be able to access the International Marketplace from anywhere.
1. Firstly, you need to verify your identity by filling in the information carefully that has been asked.
2. In the next step put in the information of your address where the Payoneer account card will be sent to.
3. After that, you will be asked for some security details that are necessary like your CNIC card and Driver’s License.
4. In the last step, you will be asked to give bank account details. Then click on the order now button. Your card will be dispatched after verification in 1 or 2 days and It will be delivered in 10 working days.
PayPal In Pakistan:
PayPal can be defined as an Online money transferring solution. It is a service for online shoppers and Businessmen. It has made wiring money easier and much safer for everyone. There are virtual cards that are available to use its services. It can be a great option for freelancers in Pakistan for money transfers all over the world. They will be able to reach the International marketplace more easily and in a much safer way by working on online platforms like Fiver and Upwork. They will be able to get money in their PayPal Virtual account after that they can transfer it to their local Bank Account. But unfortunately, PayPal has denied working in Pakistan any soon even after the hard work of the Government to bring PayPal to their home.
Why not in Pakistan?
PayPal is currently working in 200 Marketplaces and has 277 million registered user accounts but has denied working in Pakistan anytime soon according to the news. This fact is obvious that the Pakistan Freelancer market has huge potential in them. The cities have the potential to make their online platforms and sell their products online in the International market. If we use PayPal as a money transferring platform, we can increase the e-commerce websites up to fifty percent plus It will also encourage the Freelancers to work more comfortably in a safer environment. It will increase the business growth.
The reason why PayPal is not coming to Pakistan?
Is because of the Trust issue. The Industry of freelancers and International business is all on the Pillar of trust that they build with each other. Money Laundering is one of the reasons. As soon as Government will be able to make sure and guarantee the safety of the company, it will come to Pakistan. They need to back up the company by providing them with corruption-free laws and regulations in the contract to give them security.
The government has made enough rules against money Laundering but Cybercrime is one of the issues. The Pakistani government needs to implement laws to protect the company’s interests. Big companies like Amazon, eBay, and PayPal see Pakistan as a risky country to launch their services but Bangladesh and India are also one of them. In that case, they have fulfilled the demands of the Company.
Who Is losing and what are other options?
It could be a great time for Pakistan to build its own trusted gateway that can be used Internationally. Pakistanis can bring Big companies in their country because they are on the list of the top five countries that provides Revenue to the Freelancer Market by 47 percent. We just need to work hard and they will come in their own interest.
It is an alternative to PayPal that can be easily used for International Transactions. It has a verified Payment method and It can be linked with your Visa, Master Card, or American Express. One has the option to transfer their money in that or make transactions to their local account. Payza and TransferWise can also be a great option.
EasyPaisa and JazzCash are local options for cash transfer.