Wednesday, June 19, 2024
HomePoliticsSBP will introduce QR Code Payment for Purchase of Sacrificial Animals 2024

SBP will introduce QR Code Payment for Purchase of Sacrificial Animals 2024

SBP will introduce QR Code Payment for Purchase of Sacrificial Animals 2024.In 50 cattle markets across the country, State Bank of Pakistan (SBP) and 25 banks are introducing QR code payments. The effort was announced during the 17th Mobile Commerce 2024 conference. The aim is to facilitate transactions before Eid al-Adha, especially for sacrificial animals.

Through this mechanism, State Bank expects to transact up to Rs 550 billion. This effort includes major cities including Islamabad, Lahore and Karachi. It aims to reduce the use of cash and increase financial access.

Compared to standard point-of-sale devices, buyers and small-scale merchants can take advantage of a more efficient payment method using QR codes. This activity is a component of a larger initiative to support digital payments and guarantee the convenience of financial transactions during the holiday season.

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