![]() Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world. The client/sender needs to have a PayPal account in order to register to Zoom. However, first, your client needs to register to Xoom in order to use this service. It shows two dialog boxes for noting the amount of money to be sent and its conversion to PKR. ProPakistani reports that as of Oct 2, overseas Pakistanis had donated a mere Rs379 million to the fund, compared to Rs4.09bn donated by Pakistani nationals. Xoom Homepage Upon opening the Xoom Pakistan homepage you will see a simple interface. 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. The report also noted that Finance Minister Asad Umar had "hinted" at the launch of PayPal. The ProPakistani 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". 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. "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, adding that Xoom has agreements with five banks in Pakistan - National Bank of Pakistan, MCB Bank, Allied Bank, Bank Alfalah and United Bank Limited - to facilitate transfers. On the other hand, just working with Xoom is the closest PayPal has come to actually launching in the country, so we will just have to wait and see what happens.In order to "facilitate" donations from overseas Pakistani's to the Supreme Court of Pakistan-Prime Minister Diamer Bhasha-Mohmand Dams fund, the State Bank of Pakistan has "recommended" the use of Xoom, a money transfer service owned by PayPal, for money transfers, ProPakistani reported on Thursday. We should point out that we’ve been hearing that PayPal could launch in Pakistan since at least 2015, so the deal with Xoom is far from a guarantee that this will happen. ![]() Additionally, Pakistan Finance Minister Asad Omer hinted in a TV interview recently that PayPal or a similar digital payment service could launch in the country some time in the next three or four months. ![]() ProPakistani said that if Xoom helps significantly grow the amount of money in the dam fund, it could “pave the way” for PayPal to launch its mainstream service in Pakistan. It sounds like this could change very soon. At this time, no other PayPal payments are being allowed in the country. We must emphasize that the State Bank of Pakistan is only temporarily allowing PayPal transfers via Xoom, and it’s only for donations made to the dam fund. 379 million toward the construction of the two dams. So far, expats have donated more than Rs. According to ProPakistani, many expats have already been sending donations via debit or credit cards, but using that method takes a few days for the funds to reach the SBP account for the dams.īy using Xoom, Pakistanis living abroad can send donations faster and have them reach the account in the same day in some cases. The SBP is recommending PayPal’s money transfer service to Pakistani expatriates as a faster way for them to move their donations into the dam fund. ![]() According to Xoom’s own website, the five banks it is working with in Pakistan are Allied Bank, Bank Alfalah, MCB Bank, the National Bank of Pakistan and United Bank Limited. To support that effort, PayPal has now entered agreements with five banks in the country to accept payments through its Xoom money transfer service. Since it was created, various lawmakers and public officials have been making contributions to it, and many Pakistanis living abroad are also wanting to help out. The dam fund was set up to collect donations to support construction of the Diamer Bhasha and Mohmand dams. PayPal enters agreements with five Pakistani banks The State Bank of Pakistan is advising Pakistanis who live overseas to use PayPal’s money transfer service Xoom to donate to the Supreme Court of Pakistan Diamer Bhasha and Mohmand Dams Fund. We’ve been hearing for the last week or so that PayPal could launch in Pakistan in the coming months, and now there’s a more concrete sign that this will indeed happen.
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