SBP to introduce QR code payment for sacrificial animals purchase

The State Bank of Pakistan (SBP) is likely to introduce QR code payment mechanism through Raast to facilitate the purchase of sacrificial animals during Eidul-Azha.

SBP Deputy Director Ahmed Sumair revealed this while speaking at the 17th international conference titled ‘Mobile Commerce 2024’.

“Currently we are working with 25 banks and have selected 50 major cattle markets to enable QR code payment method there to facilitate the masses for the payments”, he informed.

He highlighted the importance of this project for cattle farmers and expand financial inclusion through Raast.

“The initiative is being taken to help people and merchants to securely make transactions for the purchase of sacrificial animals, besides helping banks to potentially tap over Rs550-600 billion cattle purchases through digital banking on the annual religious festival,” Sumair stated.

He said markets had been identified in all 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad.

“We are covering six cattle markets alone in Karachi this Eidul Azha,” he added.

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