Cattle buyers can now pay for their sacrificial animals via QR code in Pakistan

The State Bank of Pakistan (SBP) is considering introducing a QR code payment mechanism at cattle markets countrywide amid rising street crimes in the country.

According to a statement issued by a central bank, the move aims to reduce cash transactions and keep a record of business worth Rs550-600 billion during the holy festival.

"The initiative is being taken to help people and merchants to securely make payments, besides helping banks to potentially tap over Rs550-600 billion cattle purchases through digital banking in the annual religious festival," SBP said.

The central bank is in a talk with 25 banks to enable the digital payment mechanism at 50 cattle markets across the country.

"We are working with 25 banks…and have selected 50 major cattle markets to enable QR code payment method there," Ahmed Sumair, joint director of SBP's Payment System Policy and Oversight Department, said while addressing the 17th international 'Mobile Commerce 2024' conference.

The QR code payments mechanism will be launched in all 15 major cities of Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, and Hyderabad.

However, cattle buyers across the country have started purchasing sacrificial animals for Eidul Adha.

The crescent of Zil Hajj is likely to be sighted on June 8 in Pakistan, according to weather experts.

The day of Eid-ul-Adha is expected to fall on June 17 in the country.