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In a significant move to promote digital transactions, the State Bank of Pakistan (SBP) has announced an increase in transaction and balance limits for digital payments in animal markets. The temporary increase, effective from May 31 to June 20, aims to facilitate hassle-free transactions during the Eid-ul-Azha season.
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According to media reports, the SBP has taken this step to encourage the use of digital channels as a secure and alternative payment method. The move is expected to reduce the reliance on cash-based transactions and ensure a more secure and efficient payment system.
The decision comes on the heels of a resolution submitted in the Sindh Assembly, demanding measures to ensure the security of citizens and traders visiting animal markets in Karachi. The resolution called for the establishment of a task force to ensure the safety of citizens.
With this initiative, the SBP aims to promote a cashless economy and reduce the risks associated with cash transactions. The move is expected to benefit both buyers and sellers in the animal markets, ensuring a seamless and secure payment experience.
This development is seen as a significant step towards promoting digital payments in Pakistan, and is expected to contribute to the country’s overall economic growth and development.