QR code payment for sacrificial animals on cards

Published May 25, 2024
The initiative is being taken to help merchants, buyers to securely make payments and discourage the use of cash. —PPI
The initiative is being taken to help merchants, buyers to securely make payments and discourage the use of cash. —PPI

KARACHI: The State Bank of Pakistan (SBP) is working with 25 banks to facilitate 50 cattle markets across the country for payment through QR codes that may attract up to Rs550 billion as the estimated price of sacrificial animals.

A Quick Response (QR) code payment is a form of contactless payment. A QR code is a scannable barcode containing horizontal and vertical lines, dots, and patterns.

While speaking at the 17th international conference titled ‘Mobile Commerce 2024’, organised by Total Communications, SBP (Payment System Policy and Oversight Department) Joint Director Ahmed Sumair said that the central bank was working with the banks to enable cattle markets and cattle farmers to do transaction on QR code on Eidul Azha.

The SBP will make it easy for buyers of sacrificial animals to pay using a QR code mechanism at cattle markets nationwide during Eid, expanding the application of payments through the Raast Instant Payment System.

The initiative is being taken to help people and merchants to securely make payments, besides helping banks to potentially tap over Rs550bn to Rs600bn cattle purchases through digital banking on the annual religious festival.

“We are working with 25 banks […] and have selected 50 major cattle markets to enable QR code payment method there,” he said.

He said markets had been identified in all 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad and Hyderabad. “We are covering six cattle markets alone in Karachi this Eid (falling in mid of June 2024).”

He said the project aimed at solving various pain points including the hassle of carrying cash and making payments to purchase sacrificial animals. Besides, it would help the on-boarding of cattle farmers and expand financial inclusion through Raast, he said.

He said the QR code payment method would revolutionise the payment experience, as the high cost of installing POS machines at merchants had its own limitations.

The QR payment has also enabled small merchants to receive payment through online transactions, discouraging the use of cash in the economy. Merchants may display QR code to receive online payment in a real-time and hassle-free manner.

Published in Dawn, May 25th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

No time left
Updated 06 Feb, 2025

No time left

Climate change concerns continue to remain a footnote as politics dominates national discourse, surfacing only when disaster strikes.
Karim Aga Khan
06 Feb, 2025

Karim Aga Khan

PRINCE Karim Aga Khan was a man who straddled various worlds and cultures. Beyond his role as spiritual leader of ...
Cotton production
06 Feb, 2025

Cotton production

PAKISTAN’S cotton crop is on the ropes. The crop output has been falling since FY15, when the country harvested a...
Kashmir question
Updated 05 Feb, 2025

Kashmir question

The important thing is to continue dialogue process, on bilateral disputes, Kashmir issue, and move beyond rigid positions.
Letters from jail
05 Feb, 2025

Letters from jail

OVER the past week, former prime minister Imran Khan has directly addressed his concerns to both the chief justice ...
Agriculture tax
05 Feb, 2025

Agriculture tax

WITH Sindh and Balochistan finally approving changes to their agriculture income tax laws to harmonise their AIT...