Payments at cattle markets: JazzCash partners with SBP to enable interoperable RAAST QR codes

ISLAMABAD: In a bid to streamline financial transactions at cattle markets ahead of Eidul Azha, JazzCash has partnered with the State Bank of Pakistan (SBP) to enable interoperable RAAST QR codes for payments at cattle markets nationwide.

The initiative is poised to replace cash-based transactions with secure, efficient digital payments, ensuring safe and secure transactions.

QR payments are expected to significantly digitize a substantial portion of the PKR 600 billion market, significantly boosting financial inclusion by streamlining payments for buyers and sellers alike. To facilitate digital payments, the SBP has temporarily enhanced the transaction limits for biometrically verified JazzCash accounts till June 20, 2024.

Murtaza Ali, Head of JazzCash, said, “This is a significant step towards digitizing a previously cash-reliant ecosystem, offering people the option for secure, real-time payments.”

He further stated, “State Bank’s vision for financial inclusion is the driving force behind our efforts at JazzCash. With initiatives like these, we aim to simplify payments for cattle farmers and small business owners.”

By scanning JazzCash’s interoperable RAAST QR codes at cattle markets, buyers can pay sellers directly through JazzCash, any mobile wallet or banking app. This new system eliminates the need for physical cash and ensures a swift and secure payment process.

Over 45 cattle markets for this initiative have been identified across 15 cities, including Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, and Quetta. The project aims to integrate cattle farmers and merchants into the digital economy, enhance the financial inclusion of rural and semi-urban communities, and provide them with access to a broader range of financial services.

Hosting 17 million RAAST IDs, JazzCash is leading the adoption of RAAST payments in Pakistan, with one in every two RAAST users being a JazzCash customer. With an expansive network of over 300,000+ JazzCash merchants, facilitating the digitization of over Rs15 billion through QR transactions per month, JazzCash is leading the digital payment ecosystem.

Copyright Business Recorder, 2024