KARACHI – In another digital payment revolution in Pakistan, State Bank has announced to introduce Raast QR Code payment mother for purchase of sacrificial animals on the occasion of Eid ul Azha 2024.
Deputy Director of central bank Ahmed Sumair made the announcement at Mobile Commerce 2024, saying State Bank is collaborating with over two dozen commercial banks and have chosen 50 major cattle markets to implement the QR code payment system.
In first phase, 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, had been identified for QR initiative. Six cattle markets are picked in Karachi for this Eidul-Azha.
The new initiative aims to further smoothen transactions for masses. The project is said to be crucial for cattle farmers and its role in expanding financial inclusion through Raast – the instant payment system that facilitates real-time settlement of retail payments.
State Bank’s QR initiative will help merchants in securely making transactions for sacrificial animal purchases, and it also allows banks to potentially capture Rs550-600 billion in cattle purchases through digital banking during the annual religious festival.
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Eid ul Azha 2024
Eid ul Adha is major Islamic festival that is celebrated every year to commemorate Prophet Ibrahim A.S act. As per the astronomical prediction, Eid al-Azha will be celebrated on June 17, 2024.
The exact dates of Eid al Azha will be announced as per the crescent sightings.
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