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Wednesday, June 19, 2024  
12 Dhul-Hijjah 1445  

SBP likely to introduce QR code system for sacrificial animal purchase

At least 50 major cattle markets selected to enable QR code payment
The image shows cattle market in Pakistan. Reuters.
The image shows cattle market in Pakistan. Reuters.

The State Bank of Pakistan (SBP) is expected to arrange QR code payment mechanism through Raast Instant Payment System for people to purchase sacrificial animal on the upcoming Eid-ul-Azha.

At the 17th conference of titled “Mobile Commerce 2024,” in which SBP Deputy Director Ahmed Sumair, said that the introduction of QR system will likely to be there in this Eid occassion.

“Currently we are working with 25 banks and have selected 50 major cattle markets to enable QR code payment method there to facilitate the masses for the payments”, he informed.

He highlighted the importance of this project for cattle farmers and expand financial inclusion through Raast.

“The initiative is being taken to help people and merchants to securely make transactions for the purchase of sacrificial animals, besides helping banks to potentially tap over Rs550-600 billion cattle purchases through digital banking on the annual religious festival,” Sumair stated.

Deputy Director claimed that the utilization of QR code for payments would bring about a groundbreaking change in the payment process, as the expense associated with installing point-of-sale (POS) machines at businesses has its own constraints.

The QR payment method has also made it possible for small-scale merchants to accept online payments, reducing the reliance on cash in the economy. Merchants can now conveniently exhibit a QR code to instantly receive online payments.

There are total 15 cities to enable QR code system including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad where cattle markets are going to be setup with SBP offices present in these cities.

Bank Alfalah Limited Chief Digital Banking Officer-Digital Banking Group Yahya Khan said that around Rs8-10 trillion cash are circulating in Pakistan that is high concerning GDP and cash ratio.

Pakistani Finance Minister Muhammad Aurangzeb recommended to discontinue the Rs5,000 notes.

Mashreq Bank CEO Muhammad Humayun Sajjad said the low operating cost of digital banks because lack of presence of physical branches would enable DBs to pay higher profit margins to depositors to mobile financing.

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