SBP Introduces Secure Digital Payment System for Sacrificial Animal Purchases
Banking experts estimate that transactions worth 550 to 600 billion rupees occur in Pakistan’s major cattle markets during Eid-ul-Azha.
Islamabad: The State Bank of Pakistan (SBP) has launched a digital payment scheme for purchasing sacrificial animals during Eid-ul-Azha. This initiative allows buyers to use QR codes to complete transactions securely across 50 livestock markets, including those in Islamabad.
With this facility, buyers no longer need to carry cash. They can simply scan a QR code to transfer funds directly to traders’ accounts, streamlining the process and minimizing the risks associated with cash handling.
Banking experts estimate that transactions worth 550 to 600 billion rupees occur in Pakistan’s major cattle markets during Eid-ul-Azha. Digitizing these payments helps document this significant economic activity, which traditionally remains part of the undocumented economy.
Speaking at a mobile banking conference, a senior SBP official highlighted the collaboration with 25 banks to implement QR code payments in 50 major cattle markets nationwide. This digital payment facility aims to modernize and secure the process of purchasing sacrificial animals.
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Ahmed Samir, Joint Director of the Payment System Policy and Monitoring Department at SBP, detailed that the initiative targets 50 large cattle markets in 15 cities, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad. This effort marks a significant step towards national digital payment integration, enhancing convenience and security for both buyers and sellers.
