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.

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