Karachi: With street crimes on the rise ahead of Eid ul Adha, the State Bank of Pakistan (SBP) is launching a QR code payment system at cattle markets across the nation. This move aims to provide a secure payment method for both buyers and merchants.
The new digital payment solution seeks to reduce cash transactions and promote financial inclusion in a market valued at approximately Rs550-600 billion during the festival. By partnering with 25 banks, the SBP will enable QR code payments at 50 major cattle markets, expanding the use of the Raast Instant Payment System.
“This initiative is designed to help both buyers and sellers make secure payments, while also allowing banks to potentially capture Rs550-600 billion worth of cattle purchases through digital banking during this annual religious festival,” the statement said.
Ahmed Sumair, Joint Director of SBP’s Payment System Policy and Oversight Department, explained that the central bank is working closely with banks to implement QR code payments in time for Eid ul Adha.
“We’re collaborating with 25 banks and have identified 50 major cattle markets to implement the QR code payment method,” he said at the 17th International Conference titled ‘Mobile Commerce 2024’. The identified markets span 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad.
“In Karachi alone, we are covering six cattle markets for this Eid (mid-June 2024). This project addresses several issues, including the inconvenience of carrying cash and making payments for sacrificial animals,” he added. Isn’t it time we embrace digital payments for such significant transactions?
Furthermore, the project aims to onboard cattle farmers and expand financial inclusion through the Raast system. According to the SBP official, the QR code payment method is set to transform the payment experience, given the high costs and limitations associated with installing POS machines for merchants.
QR payments also allow small merchants to receive payments through online transactions, reducing the reliance on cash. Merchants can display a QR code to facilitate real-time and hassle-free payments. Imagine the ease of just scanning a code to complete your purchase!
Reducing the high level of currency in circulation remains one of SBP’s strategic objectives. Enabling digital acceptance points, such as QR codes, across the country can significantly contribute to this goal.
The SBP’s initiative not only ensures safer transactions but also promotes a modern, efficient approach to handling large volumes of money during one of the biggest festivals. Don’t miss out on the convenience and security of QR payments this Eid ul Adha!
