In a significant move 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.
This initiative aims to replace traditional cash-based transactions with secure, efficient digital payments, ensuring safe and secure transactions for all parties involved.
The adoption of QR payments is expected to digitize a substantial portion of the PKR 600 billion cattle market, significantly boosting financial inclusion by simplifying payments for both buyers and sellers. To support this transition, the SBP has temporarily enhanced the transaction limits for biometrically verified JazzCash accounts until June 20, 2024.
Murtaza Ali, Head of JazzCash, emphasized the importance of this development, stating, “This is a significant step towards digitizing a previously cash-reliant ecosystem, offering people the option for secure, real-time payments. The 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 across 15 cities, including Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, and Quetta, have been identified for this initiative. The project aims to integrate cattle farmers and merchants into the digital economy, enhancing the financial inclusion of rural and semi-urban communities, and providing them with access to a broader range of financial services.
Hosting 17 million RAAST IDs, JazzCash is at the forefront of RAAST payment adoption 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 in Pakistan.
This collaborative effort between JazzCash and the SBP represents a major advancement in the digital payment landscape, promising significant benefits for the cattle market participants and the broader economy.
