State Bank to Introduce QR Code Payments – In a significant step towards digital payment advancement in Pakistan, the State Bank has announced the introduction of Raast QR Code payment method for buying sacrificial animals during Eid ul Azha 2024. Ahmed Sumair, Deputy Director of the central bank, revealed this development at Mobile Commerce 2024, stating that the State Bank is collaborating with over two dozen commercial banks and selecting 50 major cattle markets to implement the QR code payment system.
The initial phase focuses on 15 cities with State Bank field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, with six cattle markets earmarked in Karachi for Eid ul Azha. This initiative aims to streamline transactions for the public, particularly benefiting cattle farmers, while also promoting financial inclusion through Raast. The instant payment system facilitating real-time settlement of retail payments.
The State Bank’s QR initiative not only ensures secure transactions for purchasing sacrificial animals. But also presents an opportunity for banks to potentially capture digital banking transactions worth Rs550-600 billion during the annual religious festival.
State Bank to Introduce QR Code Payments to purchases Eid ul-Azha Animal
The State Bank of Pakistan intends to implement a QR code system via the Raast instant payment service for buying sacrificial animals during Eid al-Adha. At the 17th Mobile Commerce 2024 conference, Deputy Director Ahmed Sameer revealed plans for the QR system’s debut this Eid. Working with 25 banks and selecting 50 major livestock markets. The initiative aims to facilitate secure transactions for the public and traders.
This move also opens opportunities for banks to handle digital livestock purchases worth 550 to 600 billion rupees during the annual festival. Using QR codes for payments will revolutionize transactions. Reducing reliance on costly point-of-sale machines and enabling small-scale traders to accept online payments effortlessly.
How to Purchase Animal via State Bank to Introduce QR Code Payments?
To purchase sacrificial animals using the new QR code payment system introduced by the State Bank of Pakistan (SBP) for Eid al-Adha, follow these steps:
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- Find Participating Markets: Locate the 50 major livestock markets where QR payments are accepted.
- Visit Market: Head to a participating market in cities like Karachi, Lahore, or Islamabad.
- Spot QR-enabled Stalls: Identify traders with QR codes for instant online payments.
- Choose Animal: Select your desired sacrificial animal.
- Scan QR Code: Use your smartphone to scan the trader’s QR code.
- Input Payment: Enter payment amount and details on your phone.
- Confirm Transaction: Verify and confirm the payment on your device.
- Get Confirmation: Receive confirmation of successful payment.
- Collect Animal: Once payment is confirmed, collect your chosen animal
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