The State Bank of Pakistan is anticipated to launch a QR code system for the purchase of sacrificial animals on Eid al-Adha using the Raast rapid payment service.
The State Bank’s Deputy Director, Ahmed Sameer, announced during the 17th conference titled “Mobile Commerce 2024” that the QR system will probably be unveiled this Eid.
He emphasised the significance of this effort for those who sell and breed cattle.
The programme, he continued, intends to facilitate safe transactions between buyers and sellers of sacrificial animals. Furthermore, it helps banks maybe manage livestock purchases during this yearly religious holiday that might total between 550 and 600 billion rupees using digital banking.
Because establishing point-of-sale (POS) equipment comes with expenses, the Deputy Director asserted that employing QR codes for payments will drastically alter the payment procedure.
The QR payment system has also made it possible for small-scale merchants to take online payments, which has decreased the economy’s dependency on cash. Traders may now quickly collect online payments by simply installing QR codes.
