State Bank to simplify Eid ul-Azha animal purchases with QR code
payments
In a move towards digital payment innovation, the State Bank
of Pakistan has announced the introduction of Raast QR Code payment methods for
the purchase of sacrificial animals during Eid ul-Azha 2024.
Deputy Director of the central bank, Ahmed Sumair, made the
announcement at Mobile Commerce 2024, stating that the State Bank is
collaborating with over two dozen commercial banks and has selected 50 major
cattle markets to implement the QR code payment system.
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In the first phase, 15 cities with SBP field offices,
including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad,
have been identified for the QR initiative. Six cattle markets in Karachi have
been chosen for this Eid ul-Azha.
This new initiative aims to streamline transactions for the
public. It is crucial for cattle farmers and plays a significant role in
expanding financial inclusion through Raast – the instant payment system that
facilitates real-time settlement of retail payments.
The State Bank’s QR initiative will help merchants securely
conduct transactions for sacrificial animal purchases and allows banks to
potentially capture Rs550-600 billion in cattle purchases through digital
banking during the annual religious festival.
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Eid ul-Azha is a major Islamic festival celebrated annually
to commemorate Prophet Ibrahim's (A.S) act of obedience to God. According to
astronomical predictions, Eid ul-Azha will be celebrated on June 17, 2024. The
exact dates will be announced based on crescent sightings.
Source: Pakistan Observer