Latest news with #Rs4.656
Express Tribune
7 days ago
- Business
- Express Tribune
Cattle deals hit Rs4.6b online
Listen to article The State Bank of Pakistan (SBP) announced on Wednesday that 64,553 digital transactions worth Rs4.656 billion were carried out in cattle markets during Eidul Azha in early June. According to the central bank, the transactions were processed under the SBP's "Go Cashless in Cattle Markets Campaign 2025", which aimed to reduce reliance on cash and promote Digital Financial Services (DFS). The campaign was implemented in 54 major cattle markets nationwide, with participation from 24 partner banks. An award ceremony was held on Wednesday, in Karachi by the SBP Banking Services Corporation (SBP BSC) to honour high-performing banks. SBP BSC MD Maraj Mahmood appreciated the banks' efforts in promoting digital payments. Executive Director, DFS Group, SBP, Sohail Javaad, highlighted SBP's focus on building a digital economy.
Business Recorder
7 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.
