Freelancing in Pakistan
Over the past few years, Pakistan has risen up the ranks as one of the world’s fastest-growing freelance markets. In 2021 it earned its title as the 4th fastest growing freelance economy, with an impressive growth rate of 47% (1).
Why is the freelance market seeing such growth?
This large increase in the number of freelancers seems to be a result of younger Pakistanis finding more opportunities where they can harness their skills.
As a result of the rapidly increasing existence of technology in everyday life, freelancing is becoming far more accessible, especially to those in younger age groups. Typically, freelancing is heavily skewed towards those of younger age groups, with almost 70% being between the age of 18 and 34 (2). This holds significance to Pakistan, where 63% of the population is below the age of 25. This fact, along with the massive increase in freelance earnings in Pakistan (3), is catalyzing growth in the freelance market.
The future of freelancing in Pakistan
The freelancing market shows great promise for Pakistan in the future. The government is completely welcoming, and incentivizing its growth, catalyzing it further with a range of initiatives: with government-run programs incentivizing the initiative by opening more than 500,000 trainings for skills related to freelance roles (4), as well as the Prime Minister Imran Khan implementing a zero percent tax rate on freelancers working in the IT sectors.
These incentivizing initiatives root from the sheer usefulness freelancers have on Pakistan’s economy. In 2021, Pakistani freelancers contributed $500 million to the economy (5). The world economic forum predicts that by 2025, the freelancer community in Pakistan will generate over $1 billion worth of inward remittances to Pakistan.
Bayfikr makes life easy for freelancers
Businesses such as Payoneer have made it possible for freelancers across the world to receive payments from anywhere. The business offers freelancers to sign up for a prepaid card where they can withdraw cash. However, it has its drawbacks. Funds do not come instantly, and Payoneer is expensive. To withdraw cash there are high fees involved and freelancers have to go to an ATM, withdraw cash and then pay for items.
Bayfikr simplifies payments in Pakistan with Payoneer cards. Freelancers in Pakistan can download Bayfikr to make paying for everyday essentials easier, and cheaper using their Payoneer card. They do not need to withdraw cash anymore. Making essential payments shouldn’t have to be expensive, which is why you can save the withdrawal charge with Bayfikr to pay for your essential bills at home, from everyday household bills to educational fees in the Bayfikr app.