In a new digital payment revolution in Pakistan, the State Bank has announced the introduction of Raast QR Code payments for purchasing sacrificial animals for Eid ul Adha 2024.
Deputy Director of the central bank, Ahmed Sumair, made the announcement at Mobile Commerce 2024, stating that the State Bank is collaborating with over two dozen commercial banks and has selected 50 major cattle markets to implement the QR code payment system.
In the first phase, 15 cities with SBP field offices, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad, have been identified for the QR initiative. Six cattle markets in Karachi have been chosen for this Eid ul-Adha.
This new initiative aims to streamline transactions for the public. The project is crucial for cattle farmers and plays a significant role in expanding financial inclusion through Raast – an instant payment system that facilitates real-time settlement of retail payments.
The State Bank’s QR initiative will enable merchants to securely conduct transactions for sacrificial animal purchases and allow banks to potentially capture Rs550-600 billion in cattle purchases through digital banking during the annual religious festival.
Eid ul Adha 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-Adha will be celebrated on June 17, 2024.
The exact dates of Eid al Adha will be announced as per the crescent sightings.
