In Karachi, the State Bank of Pakistan (SBP) and 25 banks are collaborating to set up 50 cattle markets across Pakistan. These markets will accept payments for qurbani animals through QR codes, which could total up to Rs550 billion.
A QR code payment is a kind of contactless payment. It’s a barcode with lines, dots, and patterns that can be scanned.
At the 17th international conference, ‘Mobile Commerce 2024’, Ahmed Sumair spoke. He is from SBP’s Payment System Policy and Oversight Department.
He said the central bank works with banks. They want cattle markets and farmers to use QR code transactions on Eidul Azha.
SBP will help buyers use QR codes. They can pay for qurbani animals.
This will happen at cattle markets nationwide for Eid. This will expand payments through the Raast Instant Payment System.
The plan helps people and merchants. They can make secure payments.
It helps banks tap Rs550 billion to Rs600 billion. This is for cattle purchases through digital banking. This happens during the annual festival.
“We are working with 25 banks,” he said. “We chose 50 major cattle markets for QR code payments.”
They picked markets in 15 cities. These have SBP field offices. Cities include Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad.
“We will cover six cattle markets in Karachi this Eid,” he said.
The project solves problems. It helps avoid carrying cash and pays for sacrificial animals easily. It helps cattle farmers too and expands financial inclusion through Raast.
The QR code method changes payments. Installing POS machines at stores costs too much.
QR payments help small stores get paid online. They don’t need cash. Stores can show a QR code. They get payments fast and easy.
To read our blog on “Qurbani App : Digitizing the livestock sector in Pakistan,” click here
