ISLAMABAD: The State Bank of Pakistan (SBP) has announced the launch of the Raast QR Code payment system for buying sacrificial animals during Eid ul Adha 2024, marking a big step in the country’s digital payment scene.
According to a Media Report, Deputy Director of the central bank Ahmed Sumair announced at Mobile Commerce 2024 that the State Bank is partnering with over two dozen commercial banks and has selected 50 major cattle markets to deploy the QR code payment system.
In the initial phase, 15 cities with SBP field offices, such as Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, have been designated for the QR initiative. For this Eid ul Adha, six cattle markets have been selected in Karachi.
The new initiative aims to further smoothen transactions for masses. The project is said to be crucial for cattle farmers and its role in expanding financial inclusion through Raast – the instant payment system that facilitates real-time settlement of retail payments.
State Bank’s QR initiative will help merchants in securely making transactions for sacrificial animal purchases, and it also allows banks to potentially capture Rs550-600 billion in cattle purchases through digital banking during the annual religious festival.
