Eid ul Adha: Enabling Digital Payments at Cattle Markets

The State Bank of Pakistan (SBP) is getting ready for Eid ul Adha. They want to let people pay with QR codes at cattle markets all over Pakistan. This way, people can pay safely instead of carrying cash, which can lead to crimes on the streets.

A Very Big Market

The cattle market for Eid ul Adha is huge, worth between Rs550 billion to Rs600 billion. By letting people pay with QR codes, SBP hopes more people will use banking services instead of paying with cash.

Banks and Markets Working Together

SBP is working together with 25 banks to let people pay with QR codes at 50 big cattle markets in Pakistan. This will use the Raast Instant Payment System to make safe and fast payments.

An Easy and Safe Way to Pay

Ahmed Sumair from SBP said letting cattle markets and farmers use QR codes will make buying animals for sacrifice much easier and safer. SBP has chosen 50 big cattle markets in 15 cities like Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad. In Karachi alone, 6 cattle markets will have QR code payments for this Eid.

Solving Problems, Helping More People

Sumair said QR codes will solve problems like having to carry lots of cash and risks in making payments. It will also help cattle farmers start using banking services, bringing more people into the banking system through Raast.

Making Payments Very Easy

QR codes will make payments much easier than using POS machines, which cost a lot of money to set up. With QR codes, sellers can get paid online quickly and easily.

Using Less Cash

SBP wants to reduce the amount of cash people use by letting them pay with QR codes everywhere in Pakistan. The cattle market project for Eid ul Adha is an important step towards this goal and making banking services available to more people safely.

Using QR codes at cattle markets will make buying animals for Eid ul Adha very easy and safe for people. They will not need to carry lots of cash, which can cause bad people to steal from them. QR codes will also help cattle farmers and sellers start using banking more.