KARACHI: The State Bank of Pakistan (SBP) is likely to introduce a QR code payment mechanism through Raast to facilitate the desired customers for purchasing sacrificial animals during Eid ul-Azha.
This was stated by Deputy Director of the Central Bank, Ahmed Sumair while speaking at the 17th international conference titled ‘Mobile Commerce 2024’ here in Karachi on Saturday.
“Currently we are working with 25 banks and have selected 50 major cattle markets to enable QR code payment method there to facilitate the people for the payments”, he apprised.
He further highlighted the significance of the proposed project for cattle farmers that could also be a catalyst for expanding financial inclusion through Raast.
Summer further said that the initiative was introduced to assist the masses and merchants to have secured transactions for the purchase of sacrificial animals, besides helping the private banks to potentially tap over Rs550-600 billion cattle purchases through digital banking on the annual religious festival.
He informed that the targeted markets had been identified in all 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad.
Only in Karachi, there would be six cattle markets for the upcoming Eid ul-Azha,” he added.
