JazzCash and the State Bank of Pakistan (SBP) have joined forces to revolutionize financial transactions at cattle markets ahead of Eid-ul-Azha. This partnership enables the use of interoperable RAAST QR codes for payments at cattle markets nationwide, a move that will replace cash-based transactions with secure, efficient digital payments. This initiative is not just about convenience, it’s about ensuring safe and secure transactions for all.
QR payments are expected to significantly digitise a substantial portion of the PKR 600 billion market, boosting financial inclusion by streamlining payments for buyers and sellers alike. To facilitate digital payments, the State Bank of Pakistan 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 digitising 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.”
With the introduction of JazzCash’s interoperable RAAST QR codes at cattle markets, buyers can now make direct payments to sellers through JazzCash, any mobile wallet or banking app. This new system eliminates the need for physical cash, offering a swift and secure payment process that’s as easy as scanning a code.
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 digitisation of over PKR 15 billion through QR transactions per month, JazzCash is leading the digital payment ecosystem.
