Digital payments at cattle markets: SBP enhances transaction limits

KARACHI: To facilitate digital payments at the cattle markets for the sale of sacrificial animals for the upcoming Eid-ul-Azha, State Bank of Pakistan has temporarily enhanced the transaction/balance limit for various categories of accounts from 31st May to 20th June 2024.

According to State Bank, the initiative aims to address the issue of significant cash based transactions that take place during this period by promoting digital channels as a safe and convenient alternative payments mode.

The accounts for which limits have been enhanced include, branchless banking L-1, Asaan Account/Asaan Digital Account and Merchant Account where a maximum balance limit of Rs 5 million and exemption for balances exceeding usual limits have been afforded for biometrically verified accounts of cattle farmers/merchants and after conducting on-site due diligence.

Copyright Business Recorder, 2024