PayPal-owned money transfer service to facilitate overseas donations to dam fund: report

Published October 4, 2018
This file photo shows the logo for PayPal which owns the Xoom money transfer service.
This file photo shows the logo for PayPal which owns the Xoom money transfer service.

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.

"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.

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.

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".

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.

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.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...