Karachi: The Pakistan State Bank (SBP) has launched a national campaign to encourage digital payments on the livestock markets before Eidul Azha, aimed at limiting the use of money during the annual showing of the livestock trade.
Pakistan’s state -of -the -cashless ” `go cashless” driving, which takes place until June 6 or in the night of Eid, targets 54 markets designated across the country where digital payments will be promoted for animal purchases and related services such as animal food, water and parking.
The initiative, in collaboration with commercial banks, follows the pilot efforts from last year and is part of the wider SBP strategy to accelerate digital financial inclusion. To support increased adoption, the SBP has temporarily increased the transaction thresholds. From May 19 to June 15, bank accounts without level 1 branch, ASAAN and ASAAN digital accounts, and merchant accounts will face no daily limits, with monthly ceilings with 5 million rupees.
The SBP urges buyers and merchants to switch to digital channels, citing advantages such as safety, convenience and transparency. This decision should also mitigate cash management charges and promote official financial flows during one of the country’s most expenses.
