SBP to introduce QR code payment system for cattle markets

WEB DESK: The State Bank of Pakistan (SBP) is set to introduce a QR code payment system through its digital platform, Raast, aimed at facilitating the purchase of sacrificial animals during Eidul-Azha.

This initiative was announced by SBP Deputy Director Ahmed Sumair at the 17th International Conference on Mobile Commerce 2024.

Sumair revealed that the SBP is collaborating with 25 banks and has designated 50 major cattle markets across the country for the implementation of the QR code payment method. “We are currently working with 25 banks and have selected 50 major cattle markets to enable QR code payment methods to facilitate the masses,” he stated.

Emphasising the project’s significance, Sumair highlighted its potential to enhance financial inclusion and support cattle farmers. “The initiative aims to help people and merchants make secure transactions for the purchase of sacrificial animals. Additionally, it will assist banks in tapping into the substantial market of over Rs550-600 billion in cattle purchases during this annual religious festival,” he explained.

Markets have been identified in all 15 cities with SBP field offices, including major urban centres such as Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad. “We are covering six cattle markets in Karachi alone for this Eidul-Azha,” Sumair added.

This move by the SBP is expected to not only streamline the purchasing process but also promote digital banking and financial inclusivity across Pakistan during the festive period.

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