SBP to introduce QR code-based payment mechanism at cattle markets
Business
It facilitates purchase of sacrificial animals
KARACHI (Web Desk) - Pakistan’s central bank is set to facilitate the purchase of sacrificial animals using a QR code-based payment mechanism via mobile phones and Raast, the instant payment system, at cattle markets nationwide during the upcoming Eidul Azha.
The initiative aims to assist both customers and merchants in avoiding the burden of carrying heavy cash amidst security concerns.
Additionally, QR payments could potentially enable banks to access over Rs550-600 billion in cattle purchases through digital banking during the annual festival.
Speaking at the 17th International Conference titled ‘Mobile Commerce 2024,’ Ahmed Sumair, Joint Director of the State
Bank of Pakistan’s Payment System Policy and Oversight Department, stated that the central bank is collaborating with 25 banks to implement QR code payments in 50 major cattle markets ahead of Eid in June 2024.
“People can scan QR codes generated by merchants via mobile phones on Raast or through other mobile applications provided by commercial banks,” Sumair said, as reported by Total Communications, the conference organiser.
The QR code payment method is also accessible on Raast via basic keypad phones, offering free financial transactions.
Although QR code payment systems have been available in Pakistan for some time, their non-interoperability limited their utility. Raast has introduced an interoperable QR code, allowing individuals to make payments between different banks through mobile banking.
