The State Bank of Pakistan partners with 25 banks to launch QR Code payments in 50 cattle markets for Eid ul Azha.
During the 17th Mobile Commerce 2024 conference, the State Bank of Pakistan (SBP) announced its collaboration with 25 banks to roll out QR code payment systems in 50 cattle markets nationwide. This strategic move is designed to streamline transactions, particularly for purchasing sacrificial animals in preparation for Eidul Azha.
The SBP anticipates that this system will facilitate transactions amounting to up to Rs550 billion. Major cities including Karachi, Lahore, and Islamabad will be covered by this initiative. The primary objective is to enhance financial accessibility and reduce reliance on cash.
QR code payments offer buyers and small-scale sellers a cost-effective alternative to traditional POS machines. This initiative is a significant step towards promoting digital payments and ensuring convenient financial transactions during the festive season.