KARACHI: The State Bank of Pakistan said Friday its “Go Cashless” campaign for Eid-ul-Azha 2026 generated more than 480,000 digital transactions worth 34 billion rupees, a more than sevenfold increase from the previous year, as the central bank expanded the initiative to 123 cattle markets nationwide.
The campaign, which builds on similar efforts in 2024 and 2025, grew from 54 markets last year to 123 in 2026, reflecting an aggressive push by regulators to reduce physical currency use during one of the country’s peak livestock trading seasons.
Twenty-two participating banks set up dedicated kiosks and camps in assigned markets, using real-time biometric verification to onboard cattle sellers, transporters and allied service providers onto digital platforms. Merchants were provided QR codes to receive payments directly into their accounts, eliminating the need for cash handling.
In selected markets, mobile banking vans equipped with ATMs, cash counters and cash deposit machines offered on-site services, allowing sellers to deposit surplus cash directly into the banking system.
Officials said the availability of cash deposit machines was particularly significant, as it enabled merchants to conveniently convert large volumes of physical currency into digital balances, thereby reducing the circulation of banknotes and supporting a more digitized payments environment.
The State Bank deployed round-the-clock teams in cattle markets to assist banks and resolve technical or operational issues in real time. To facilitate high-value transactions, common during livestock purchases, the central bank temporarily raised transaction limits from May 14 to June 5, 2026. The measure allowed buyers and sellers to transfer larger sums through digital channels without interruption.
The central bank also led an extensive nationwide awareness and outreach drive across television, radio, print and social media platforms, complementing banks’ own customer education activities. The campaign targeted both urban and rural populations, emphasizing the safety, convenience and transparency of digital payments over physical cash.
The results marked a sharp increase from 2025, when the campaign recorded about 65,000 transactions worth 4.6 billion rupees. The 2026 figures represent a growth of approximately 640% in transaction volume and 639% in value. The number of participating cattle markets more than doubled over the same period.
Approximately 12,500 new accounts were opened for cattle farmers and allied service providers during the activity, according to the State Bank. Many of those account holders had previously operated exclusively in cash.
In a statement, the central bank said the growth reflects increasing public confidence in digital payment channels and demonstrates the effectiveness of efforts to digitize traditionally cash-intensive sectors of the economy.
The success of the initiative, the bank added, has strengthened trust in digital financial services and laid a strong foundation for the sustained adoption of secure, efficient and inclusive digital payment solutions in seasonal and high-volume markets across Pakistan.
Economists said the campaign’s expansion signals a broader shift in consumer behavior, with even rural livestock traders showing willingness to adopt digital tools when proper infrastructure and on-site support are provided. The State Bank indicated it plans to replicate the model in other cash-heavy sectors, including agricultural produce markets and wholesale commodity trading centers.
