Is Paypal bad for the Egyptian Economy.

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Paypal has started operating in Egypt and this is big news. But the real question remains will this be a good thing for Egypt as a whole? Currently paypal in Egypt does not allow you to collect your received payments to your bank account.

This means that while you can spend money through paypal, paypal does not enable you to spend that money in Egypt. The over all effect is that currently paypal will tend to siphon money out of the Egyptian economy at a time when our economy needs inflow of foreign currency.

But if paypal opens the ability to receive money to your bank account then this will open a huge way for Egyptian businesses to sell their goods and services online easily and securely. It will also allow skilled professionals to sell their services on sites like fiverr or elance which could open a steady inflow of hard currency and help Egypt develop.

We have to wait and see if paypal will open up all its services to help the Egyptian economy, the ball is in your court paypal.