The State Bank of Pakistan (SBP) has partnered with 25 banks to introduce QR code payment systems in 50 livestock markets across the country. This initiative was unveiled at the 17th Mobile Commerce 2024 conference with the aim of streamlining transactions, particularly for sacrificial animals, in anticipation of Eidul Azha.
The SBP forecasts that this system will handle transactions totaling Rs550 billion. This initiative targets key urban hubs like Karachi, Lahore, and Islamabad, aiming to boost financial inclusion and cut down on cash dependency.
Through the utilization of QR codes, both buyers and small-scale sellers stand to gain from a cost-effective payment solution as opposed to traditional POS machines. This step is part of a larger effort to promote digital payments and ensure smooth financial transactions during the festive season.
