Business Desk
May 27, 2024
Keeping in view the ongoing increase in crime rate across Pakistan ahead of Eid-ul-Adha, the State Bank of Pakistan (SBP) has introduced digital payments for cattle markets.
The move aims to reduce cash transactions and promote financial inclusion for the Rs550-600 billion Eid-ul-Adha economy.
"The initiative is being taken to help people and merchants to securely make payments, besides helping banks to potentially tap over Rs550-600 billion cattle purchases through digital banking on the annual religious festival,” the statement read.
Ahmed Sumair, joint director of SBP's Payment System Policy and Oversight Department, said the central bank is working with the banks to enable cattle markets and cattle farmers on QR code on the upcoming Eid-ul-Azha.
"We are working with 25 banks…and have selected 50 major cattle markets to enable QR code payment method ther," he said at the 17th international conference titled 'Mobile Commerce 2024'.
Sumair said the markets have been identified in all the 15 cities having SBP field offices including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad.
"We are coving six cattle markets alone in Karachi on this Eid (falling in mid of June 2024).The project is aimed at solving various pain points including the hassle of carrying cash and making payments to purchase sacrificial animals.
"Secondly, the project would help onboarding of cattle farmers and expand financial inclusion through Raast," he added. The SBP official said the QR code payment method would revolutionize the payment experience, as high cost of installing POS machines at merchants has its own limitations.
