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PayPal is an American company and it has not been authorized to operate in Pakistan.
In order to “facilitate” donations from overseas Pakistani’s to the Supreme Court of Pakistan-Prime Minister Diamer Bhasha-Mohmand Dams fund, The SBP, however, allowed special permission to PayPal transfers for ‘Prime Minister and Chief Justice of Pakistan Fund through third party payment solution – xoom.com.
“Xoom offers fast money transfer options including same day deposit/transfer of money and instant deposit of money from different countries to the five designated Pakistani banks,” ProPakistani reported.
Reportedly, Xoom by PayPal has agreements with five banks in Pakistan. The banks are Bank Alfalah, MCB Bank, National Bank of Pakistan, and United Bank Limited.
Numerous overseas Pakistanis have sent donations to Pakistan via credit and debit card but its receipts take a couple of days to get transferred to the State Bank. Thus, now through Xoom money can be transferred within a day from different countries to the five above mentioned banks.
It shared a link to the money transfer service as well as links to YouTube guides of how to use the service, in both English and Urdu.
An article, published Thursday afternoon, explained that, “an increase in the money transferred to Pakistan for dams’ fund will pave the way towards the launch of PayPal’s mainstream services in Pakistan”.
The report also noted that Finance Minister Asad Umar had “hinted” at the launch of PayPal.
In a televised address on Sept 7, Prime Minister Imran Khan had asked overseas Pakistanis to make as many donations as they could to the dams’ fund in dollars to plug the country’s depleting foreign exchange reserves as well as provide funding to start building dams, which he said he would personally oversee.
As of yet, the contribution done by overseas Pakistanis for the dams is around Rs. 379 million and the contribution that is done by Pakistanis stand at Rs. 4.09 billion. Expatriates living in the USA have sent highest donation of Rs. 138 million followed by UAE and the UK of Rs.38.7 million and Rs. 36.8 million respectively. Countries from which least donations have been received are Brazil and Fiji. Surprisingly Rs. 36,065 donations were received from India.