The State Bank of Pakistan (SBP) on Monday initiated a nationwide “Go Cashless” campaign to promote digital payments and reduce reliance on cash transactions at cattle markets ahead of the upcoming Eidul Azha.
In a statement, the central bank said the strategic initiative was in line with its goal of fostering digital financial inclusion throughout Pakistan. It said the campaign would commence on May 20 and continue until June 6, or the last night before Eid.
In partnership with the banking industry, the campaign aims to streamline the sale and purchase of sacrificial animals in 54 designated cattle markets nationwide. It notes that this year’s campaign seeks to further expand digital adoption among market participants after the success of last year’s digitization efforts.
Under the campaign, consumers at cattle markets can utilize digital payment solutions for various transactions, including the purchase of sacrificial animals, payment for necessities such as water and feed, and settlement of parking fees.
To support both merchants and buyers during this period, the SBP has temporarily raised transaction limits, effective from May 19 to June 15. Branchless Banking Level-1 Accounts, Asaan Account/Asaan Digital Account, and Merchant Accounts have had their daily transaction limits eliminated, and their per-month limit increased to Rs. 5,000,000.
The SBP has strongly encouraged the public to take advantage of these convenient and secure digital financial services during the Eidul Azha period. By participating in the “Go Cashless” campaign, individuals can contribute to a more efficient and inclusive financial ecosystem in Pakistan.