The State Bank Of Pakistan is likely to introduce QR code payment system, through Raast payment method, for the purchase of Eid-Ul-Adha animals across the country.
At the 17th conference titled” Mobile Commerce 2024″ Ahmed Sameer, The Deputy Director of State Bank stated that, ” QR system is set to be launch this Eid.”
“We are currently working with 25 banks and have selected 50 major livestock markets to enable the payment system through QR codes, facilitating payments for the public.”
” This initiative will help people and traders for safe transaction for purchasing animals, he added.”
Additionally, “it will help banks to access over Rs550-600 billion in cattle purchase through digital banking during the festival.”
“He emphasized the importance of this initiative for the cattle breeders and sellers.”
“The Deputy Director also claimed that, using QR code for the payment process would definitely bring a significant transition, as the cost associated with installing point of scale machines present their challenges.”
This QR payment system will also enables the traders work on small scale to receive payment online, reducing the reliance on cash in the economy.
The system will be enabled in 15 cities including Karachi, Lahore, Islamabad, Faisalabad, Rawalpindi and Hyderabad, where State Bank offices are present.
Yahya Khan, Chief Digital Banking Officer of Digital Banking group at Bank Alfalah Limited stated that, “around 8-10 trillion rupees in cash are circulating in the country, which is a high ratio compared to GDP and cash.
Meanwhile, the Finance Minister, Mohammad Aurangzeb, suggested to discontinue the 5000 rupee note.
