A significant shift towards digital payments was observed in Pakistan’s cattle markets during the recent Eid-ul-Azha celebrations. A total of Rs360 million worth of transactions were facilitated through QR code payments, according to SBP.
The central bank collaborated with 18 banks to introduce QR code payment options at 48 cattle markets nationwide. Over 12,000 transactions were processed using this method, demonstrating a positive response from both buyers and sellers.
By promoting digital transactions, SBP aimed to enhance security, reduce the burden of carrying large sums of cash, and bring more people into the formal financial system. While cash still dominated overall Eid spending, with the currency in circulation increasing by 7.4% in June, the initiative marked a step towards a more digital economy.
Fintech platforms like JazzCash also played a crucial role in facilitating QR code payments, with over 5,000 transactions worth Rs85 million processed through their platform.
Despite challenges such as awareness and technological limitations, the overall trend indicates a growing acceptance of digital payment methods in Pakistan.The successful implementation of QR code payments in cattle markets is seen as a positive step towards a cashless economy and financial inclusion.
