In a major development, PayPal, the popular online payment system, is all set to sign an agreement with Payoneer, another digital payment service in Pakistan. The aim of this collaboration is to facilitate freelancers receiving payments from abroad, with Payoneer securely transferring earned funds to recipients' bank accounts in the country.

Terms of service charges from Payoneer to facilitate these transactions are yet to be revealed. With nearly 4 million freelancers working in Pakistan, this initiative addresses a growing trend, especially among the youth who have IT skills, making freelancing a popular career choice.

Also read: Exciting Update: Pakistani Freelancers Can Now Accept Payments Through PayPal

The Ministry of Information Technology and Telecom has played a key role in finalizing this arrangement, and the operational framework will be officially announced during the week of January 11, 2024.

Under this arrangement, freelancers will now have the option of opening a dollar account, requiring 50% of the amount to be deposited in US dollars. This initiative caters to the huge demand of freelancers in the country, providing a significant boost to the gig economy.

Federal Minister for IT and Telecom Dr Umeer Saif said in a video message that there is good news for Pakistani freelancers as they will now be able to receive their money through PayPal. Open a PayPal account. Anyone outside Pakistan can send money through a PayPal account, and it can be received in Pakistani banks.