State Bank of Pakistan Introduces QR Code Payments for Eid ul Adha Cattle Markets
New system aims to enhance security and convenience by enabling digital transactions in 50 major cattle markets across 15 cities, reducing reliance on cash amidst rising street crimes.
SBP official announced this development at conference, saying the central bank is collaborating with 25 banks to implement QR code payments in 50 major cattle markets before Eid in June 2024.
He explained that customers can scan QR codes generated by merchants using mobile phones on Raast or other mobile applications provided by commercial banks. This QR code payment method is also accessible on Raast through basic keypad phones, offering free financial transactions.
As QR code payment systems have been available in Pakistan, their limited interoperability has restricted their functionality. Raast has introduced an interoperable QR code, allowing individuals to make payments between different banks through mobile banking.
15 cities will get SBP field offices for this initiative, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderaba. The adoption of QR code payment methods is expected to transform the payment experience, particularly for small merchants who may find it challenging to afford the high costs of installing POS machines.
QR payments also enable small merchants to accept online transactions, reducing reliance on cash in the economy, aligning with SBP’s goal of reducing high levels of currency in circulation by expanding digital acceptance points nationwide.
https://en.dailypakistan.com.pk/09-May-2024/expected-date-of-eidul-adha-2024-and-holidays-schedule-in-pakistan
Comments are closed, but trackbacks and pingbacks are open.