Wednesday, June 19, 2024

SBP to Introduce QRCode Payment For Sacrificial Animals Purchase

The State Bank of Pakistan (SBP) has teamed up with 25 banks to introduce QR code payments at 50 cattle markets across the country. This initiative was announced during the 17th Mobile Commerce 2024 conference. The goal is to facilitate smooth transactions, especially for sacrificial animals, ahead of Eidul Azha.

The SBP expects transactions totaling up to Rs550 billion through this system. The initiative covers major cities like Karachi, Lahore, and Islamabad. Its aim is to enhance financial accessibility and minimize the use of cash.

By using QR codes, buyers and small-scale sellers can benefit from a more affordable payment method compared to traditional POS machines. This step is part of a broader effort to promote digital payments and ensure ease of financial transactions during the festive season.

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