KARACHI – State Bank of Pakistan announced introducing new QR code-based payment system for purchasing sacrificial animals in dozens of cattle markets across the country on this Eid ul Adha.
The ground breaking initiative aims to help customers and merchants avoid carrying large amounts of cash, especially amid rising street crimes. The use of QR payments could potentially allow banks to tap into over Rs550-600 billion in cattle purchases through digital banking during the festival.
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
