Islamabad: The State Bank of Pakistan (SBP) to launch a QR codes for buying eid animals under the Raast instant payment service during Eid al-Adha 2024. The major aim of the SBP behind this initiative is to help buyers and sellers buy sacrificial animals easily and avoid carrying heavy cash with them.
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The SBP stated, “We are currently working with 25 banks to implement QR code payments in 50 major cattle markets ahead of Eid in June 2024. The QR payments will enable the banks to easily access around Rs. 550 – 600 billion in cattle purchases via digital banking during Eid ul Adha.
It is pertinent to mention that the QR code system will be activated in 15 major cities, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, where State Bank offices are available.
Yahya Khan, Chief Digital Banking Officer of Digital Banking Group at Bank Alfalah Limited, said,” Around 8 to 10 trillion rupees in cash are circulating in Pakistan, which is a high ratio compared to GDP and cash.”
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