The State Bank of Pakistan (SBP) is poised to roll out a QR code payment system via Raast to streamline the purchase of sacrificial animals during Eidul-Azha.
At the 17th international conference, ‘Mobile Commerce 2024,’ SBP Deputy Director Ahmed Sumair announced a new QR code payment initiative. He stated that the State Bank of Pakistan is implementing the method in collaboration with 25 banks and 50 major cattle markets.
He underscored the project’s significance for cattle farmers and its role in broadening financial inclusion through Raast.
“This initiative is designed to secure transactions for people and merchants purchasing sacrificial animals. It also aims to allow banks to potentially access over Rs550-600 billion in cattle purchases during the annual religious festival,” Sumair explained.
Markets have been pinpointed across all 15 cities with SBP field offices, including Islamabad, Rawalpindi, Karachi, Faisalabad, Lahore and Hyderabad. “Specifically for this Eidul Azha, we are focusing on six cattle markets in Karachi,” he added.
