• SBP will launch a QR code payment system for Eid al-Adha animal purchases.
• SBP is working with 25 banks and 50 major livestock markets for this project.
• The initiative aims to facilitate secure transactions for sacrificial animal purchases.

ISLAMABAD – The State Bank of Pakistan (SBP) is set to launch a QR code payment system under the Raast instant payment service, aimed at facilitating the purchase of sacrificial animals during Eid al-Adha.

Speaking at the 17th “Mobile Commerce 2024” conference, SBP Deputy Director Ahmed Sameer announced the planned introduction of the QR system for this year’s Eid. The initiative involves collaboration with 25 banks and implementation in 50 major livestock markets across the country to streamline payment processes for the public.

Sameer emphasized the project’s significance for both livestock breeders and sellers, aiming to enhance secure and efficient transactions for purchasing sacrificial animals. This system is expected to support digital banking transactions worth between 550 to 600 billion rupees during the festival.

The Deputy Director pointed out that QR code payments offer a significant advancement over traditional methods, particularly due to the challenges and costs associated with installing point-of-sale (POS) machines. The QR payment system simplifies the process, making it accessible for small-scale traders and reducing cash dependency in the economy.

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This innovative payment system will be activated in 15 cities, including major urban centers such as Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, where SBP offices are located. The initiative will enable traders to receive online payments instantly by installing QR codes, thus revolutionizing the payment process for sacrificial animal purchases during Eid al-Adha.