SBP pushes digital payments in Eid cattle markets

KARACHI: The State Bank of Pakistan (SBP) has launched a nationwide campaign to encourage digital payments in cattle markets ahead of Eidul Azha, aiming to curb cash usage during the annual spike in livestock trade.

The State Bank of Pakistan’s ‘Go Cashless’ drive, which runs through June 6 or Eid night, targets 54 designated markets across the country where digital payments will be promoted for animal purchases and related services such as feed, water and parking.

The initiative, in collaboration with commercial banks, follows last year’s pilot efforts and forms part of the SBP’s broader strategy to accelerate digital financial inclusion.To support increased adoption, the SBP has temporarily raised transaction thresholds. From May 19 to June 15, Level-1 branchless banking accounts, Asaan and Asaan Digital Accounts, and merchant accounts will face no daily limits, with monthly ceilings lifted to Rs5 million.

The SBP is urging buyers and merchants to switch to digital channels, citing benefits such as safety, convenience and transparency. The move is also expected to ease cash handling burdens and promote formal financial flows during one of the country’s highest-spending religious periods.