Introduction of Digital Payment Methods
Karachi: Eid ul Adha 2024 will digital payments work at cattle markets?, the State Bank of Pakistan (SBP) is getting ready to introduce a QR code payment system at cattle markets in Pakistan. This comes amid an increase in street crimes. This program aims to make transactions safer for retailers and customers alike.
Promoting Financial Inclusion
In a market estimated to be worth between Rs 550 and Rs 600 billion during the holiday, the adoption of digital payments aims to decrease cash transactions. Also, it will improve financial inclusion. In order to expand the use of the Raast Instant Payment System, the SBP is working with 25 banks to implement QR code payments at 50 significant cattle markets nationwide.
Improving Convenience and Security
The SBP released a statement stating that the goal of this policy is to give consumers and merchants a safe way to make payments while also allowing banks to handle the significant amount of cattle purchases made online during Eid ul Adha 2024.
In order to speed up the implementation of QR code payments in cattle markets before Eid ul Adha 2024, the central bank is collaborating closely with banks, according to Ahmed Sumair, joint director of SBP’s Payment System Policy and Oversight Department. At the 17th international conference called “Mobile Commerce 2024,” he made this announcement.
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According to Sumair, 15 cities with SBP field offices have identified 50 significant cattle markets. These cities include Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad. For the forthcoming Eid ul Adha in mid-June 2024, six cattle markets, specifically in Karachi, will use this mode of payment.
Addressing Challenges Associated with Digital Payments in Cattle Markets this Eid ul Adha 2024
The idea intends to address a number of issues. These issues include the inconvenience of carrying cash and the challenges associated with paying for animals offered as sacrifices. Also, it aims to onboard cattle farmers and promote financial inclusion through the Raast system.
Sumair stressed that by providing a cost-effective alternative for seting up (POS) devices, the QR code payment technique has the potential to revolutionize the payment experience. Small businesses can accept payments online with QR payments in a seamless, real-time way, which lessens the need for cash.
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One of SBP’s strategic objectives is to decrease the circulation of high currency. This can be achieved by using QR codes to create digital acceptance points across the country. This initiative supports the overall goal of SBP, which is to reduce the use of cash in the economy.
