LAHORE – The State Bank of Pakistan (SBP) and the Lahore Chamber of Commerce and Industry (LCCI) will jointly launch a QR code payment system for LCCI members.
This system will allow members to make payments for the LCCI services simply by scanning a QR code, promoting cashless transactions.
During a meeting with LCCI President Faheem Ur Rehman Saigol, SBP Chief Manager Tariq Riaz said that this system would be implemented across markets and businesses to support the goal of a cashless economy.
During the meeting, a detailed discussion took place on the national economic situation, challenges faced by the business community, current banking policies, and the lack of financial facilities.
Tariq Riaz said that the concerns and suggestions of the business community are important and are included in policy-making. He noted that the SBP is in regular contact with the private sector and is working on various schemes to support business activity under current economic conditions. He also highlighted ongoing reforms in the banking system, digital financing, corporate finance, and special facilities for exporters.
Faheem Ur Rehman Saigol highlighted that delays in the approval of export refinance schemes and long-term financing affect the timely completion of orders. Banks often delay payments for machinery, raw materials, and other expenses, which disrupts production schedules. Excessive time taken in document verification causes shipment delays and increases the risk of order cancellations.
Some foreign buyers delay payments, but banks strictly enforce realisation periods. Small and medium exporters are often unable to compete internationally due to strict financing requirements. Export processing zones lack adequate banking facilities, forcing businesspeople to make multiple trips to cities. High bank markup rates are also reducing profit margins for Pakistani exporters.
