Latest news with #GoCashless
Business Recorder
2 days ago
- Business
- Business Recorder
64,553 cashless transactions recorded in cattle markets
KARACHI: In a major push towards digital financial inclusion, a total of 64,553 cashless transactions amounting to Rs 4.656 billion were recorded in cattle markets across the country under the 'Go Cashless' initiative, launched by the State Bank of Pakistan (SBP). The drive aims to promote the adoption of digital payment solutions in livestock trading, marking a significant step toward a more transparent and efficient financial ecosystem. In this regard, SBP Banking Services Corporation (SBP BSC), hosted an award ceremony on July 16, 2025, in Karachi to honour high-performing banks for their outstanding contributions to the Go Cashless in Cattle Markets Campaign 2025. Managing Director of SBP Banking Services Corporation, Maraj Mahmood while addressing the ceremony, appreciated the efforts of the participating banks and acknowledged their key role in promoting digital financial services in the country. Furthermore, Executive Director, Digital Financial Services Group, SBP, Sohail Javaad also addressed the ceremony and highlighted SBP's efforts in promoting a digital economy. Launched before Eid-ul-Azha, the Go Cashless campaign aimed to promote Digital Financial Services (DFS) and reduce reliance on cash transactions in urban cattle markets. With the participation of 24 partner banks, the campaign was successfully implemented in 54 major cattle markets across Pakistan, resulting in 64,553 transactions valued at Rs. 4.656 billion. This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash. In recognition of the regional impact of campaign, SBP field offices have also organized recognition ceremonies for participating banks in their respective regions. These efforts underscore SBP's dedication to promoting financial inclusion through innovative digital initiatives. Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services. Initiatives like Go Cashless are crucial in building trust and driving the adoption of digital platforms among a wide range of users, including livestock buyers and sellers. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Go Cashless: cattle markets settle Rs4.66bn via 64,553 online transactions on Eid-ul-Adha 2025
KARACHI: The State Bank of Pakistan (SBP) reported on Wednesday that cattle markets had made 64,553 online payments worth Rs4.656 billion to settle transactions for sacrificial animals among buyers and sellers on Eid-ul-Adha that fell in the first week of June this year. The number of transactions in terms of volume and value both spiked compared to Eid-ul-Adha 2024 when buyers and sellers made a total of 13,000 digital transactions valued at Rs560 million, a figure that the central bank gave in a statement earlier this year. SBP launches nationwide 'Go Cashless' campaign for Eid-ul-Adha According to the SBP statement on Wednesday, the rise in transactions was the result of the central bank's campaign titled 'Go Cashless' for the cattle markets in 2025. 'With the participation of 24 partner banks, the campaign was successfully implemented in 54 major cattle markets across Pakistan.' To support the Go Cashless campaign, the SBP had temporarily eliminated daily transaction limits and the per-month limit had been increased to Rs5,000,000 for Branchless Banking Level-1 Accounts, Asaan Account/Asaan Digital Account, and Merchant Accounts for the period (May 19 to June 15, 2025). Launched before Eid-ul-Adha (May 20 to June 6), the Go Cashless campaign aimed to promote Digital Financial Services (DFS) and reduce reliance on cash transactions in urban cattle markets. 'This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash,' the central bank said. Eid-ul-Adha 2025: NBP installs ATM booth at Karachi cattle market SBP, Banking Services Corporation (SBP BSC), hosted an award ceremony on Wednesday in Karachi to honour high-performing banks for their contributions to the Go Cashless in Cattle Markets Campaign 2025. In recognition of the regional impact of campaign, SBP field offices also organised recognition ceremonies for participating banks in their respective regions. Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services. 'Initiatives like Go Cashless are crucial in building trust and driving the adoption of digital platforms among a wide range of users, including livestock buyers and sellers,' the central bank said.
