Pakistan’s State Bank (SBP) has joined forces with 22 leading banks to promote digital payments during Eid ul Azha. The campaign, running from May 15 to June 6, 2025, targets cattle markets nationwide. Buyers and sellers are encouraged to shift from cash to digital transactions for livestock, feed, and related services. This initiative aims to enhance financial inclusion and reduce cash dependency.
Campaign Covers 54 Major Cattle Markets
The SBP’s initiative spans 54 prominent cattle markets across 21 districts. Last year’s efforts onboarded 4,000+ merchants and processed 13,000+ transactions worth Rs560 million. This year, the central bank aims higher, targeting 100,000 digital transactions. The campaign focuses on high-traffic markets where cash transactions traditionally dominate, promoting transparency and efficiency in financial dealings.
Enhanced Transaction Limits for Convenience
To accommodate large livestock purchases, the SBP has temporarily increased transaction limits. This adjustment ensures seamless digital payments for high-value transactions. Mobile wallets, QR codes, and banking apps will be prioritized, offering secure and convenient alternatives to cash. On-ground teams will assist vendors and buyers, ensuring smooth adoption of digital payment methods during the festive season.
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Educating Vendors and Buyers On-Site
The SBP is deploying teams to cattle markets to educate stakeholders about digital payments. Merchants will receive guidance on setting up mobile wallets and QR codes. Customers will learn how to use banking apps for secure transactions. This hands-on approach aims to build trust in digital finance, particularly among those unfamiliar with cashless payment systems.
Building on Last Year’s Success
The 2024 campaign saw significant adoption, with Rs560 million processed digitally. This year, the SBP aims to expand reach and transaction volume. By leveraging last year’s success, the central bank hopes to instill long-term digital payment habits. The initiative aligns with Pakistan’s broader goal of transitioning toward a cashless economy, improving financial transparency.
Promoting Financial Inclusion Nationwide
The SBP’s efforts target underserved populations, bringing them into the formal financial system. Digital payments reduce risks associated with cash handling, such as theft and fraud. By integrating small merchants and rural sellers, the campaign fosters economic inclusion, ensuring even remote communities benefit from digital financial services.
Aligning with Pakistan’s Digital Economy Vision
This initiative supports Pakistan’s national strategy for a digital economy. By reducing cash reliance, the SBP enhances accountability and efficiency in financial transactions. The campaign also complements government efforts to digitize payments, ensuring a more transparent and accessible financial ecosystem for all citizens.
Encouraging Secure and Convenient Transactions
The SBP emphasizes security and convenience in digital payments. Mobile banking apps and QR codes offer faster, safer alternatives to cash. With on-ground support, even first-time users can confidently adopt these methods. The campaign’s success could pave the way for broader digital payment adoption beyond Eid ul Azha.
A Step Toward a Cashless Future
The SBP’s campaign marks a significant step in Pakistan’s journey toward a cashless society. By targeting a major cultural event, the central bank ensures widespread awareness and participation. As digital payments gain traction, Pakistan moves closer to a more inclusive and efficient financial future.
