State Bank of Pakistan promotes digital payments at cattle markets

During the upcoming Eid-ul-Azha festivities, the State Bank of Pakistan (SBP) has introduced temporary adjustments to transaction and balance limits to promote digital payments at cattle markets. These changes, effective from May 31 to June 20, 2024, are designed to facilitate the buying and selling of animals during this period.

The primary goal of this initiative is to minimize the reliance on cash transactions by encouraging the adoption of digital payment methods, which are not only safer but also more convenient. The revised limits will be applicable to various account types, including Branchless Banking L-1, Asaan Account/Asaan Digital Account, and Merchant Account. Cattle farmers and merchants with biometrically verified accounts can now maintain a maximum balance of Rs5 million, with exceptions possible for balances exceeding the standard limits following on-site verification.

By implementing these changes, the SBP aims to streamline transactions at cattle markets, ensuring a smoother and more secure payment process for all involved parties. This move aligns with the broader national agenda of promoting financial inclusion and advancing towards a more digitized economy.

The temporary increases in transaction and balance limits by the State Bank of Pakistan represent a proactive step towards fostering digital payments and enhancing financial accessibility within the agricultural sector. By leveraging technology to facilitate transactions at cattle markets, the SBP is not only promoting financial inclusion but also paving the way for a more efficient and transparent payment ecosystem.