Thursday, June 20, 2024
Thursday, June 20, 2024
HomeLifestyleCentral Bank Introduces QR Payments for Eid-ul-Azha Cattle Purchases

Central Bank Introduces QR Payments for Eid-ul-Azha Cattle Purchases

Pakistan’s central bank is making it easier to buy sacrificial animals using QR code payments via mobile phones and the Raast instant payment system during Eidul Azha. This new method will be available at cattle markets across the country.

The goal is to help customers and merchants avoid carrying large amounts of cash, which can be risky. QR payments could enable banks to handle over Rs550-600 billion in cattle purchases through digital transactions during the festival.

At the 17th International Conference on ‘Mobile Commerce 2024,’ Ahmed Sumair, Joint Director of the State Bank of Pakistan’s Payment System Policy and Oversight Department, announced that the central bank is working with 25 banks to introduce QR code payments in 50 major cattle markets before Eid in June 2024.

Sumair explained that people can scan QR codes provided by merchants using mobile phones on Raast or other mobile banking apps. This system also works on basic keypad phones and allows free financial transactions.

Although QR code payment systems have been available in Pakistan for a while, their lack of interoperability limited their use. Raast has now introduced an interoperable QR code, which lets people make payments between different banks using mobile banking.

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1 COMMENT

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