Easypaisa is introducing a convenient and user-friendly in-app Raast-based QR code payment system for the buying and selling of sacrificial animals during Eid-ul-Azha.
The project is a component of the State Bank of Pakistan’s (SBP) QR code payment system, which is part of the Raast rapid payment service. Its purpose is to facilitate both the general public and traders in the process of buying and selling sacrificial animals.
Eid-ul-Azha in Pakistan annually stimulates a significant amount of economic activity, as approximately PKR 376 billion worth of animals were killed last year. Due to the large number of transactions occurring during the Eid ul Azha period, easypaisa will allow consumers to securely and conveniently make transactions using its in-app QR feature. This will also help the State Bank of Pakistan in its efforts to advance Pakistan’s digital financial sector.
This service enables all easypaisa users, as well as users of digital banking apps and wallets, to effortlessly send and receive money at certain cattle markets throughout Pakistan. In order to transfer funds, users can easily initiate the process by selecting the scan code feature on the main screen, scanning the recipient’s QR code, and inputting the desired amount to complete the transaction. Similarly, customers can initiate the payment receiving process by selecting the scan code option on their easypaisa app home screen and choosing to receive money through either a static or a dynamic QR code.
Shahmeer Nadeem, the Head of Product Management at TMB/easypaisa, expressed his thoughts on this development by stating that they are dedicated to the State Bank of Pakistan’s goal of creating a financially inclusive society in Pakistan. They want to do this through their distinctive and customer-focused product offerings. The immediate implementation of the QR payment system is essential and facilitates the conversion of cash-based transactions in the cattle market into digital transactions. This guarantees that our consumers may have a smooth and convenient transaction experience throughout the Eid-ul-Azha celebrations.
The State Bank of Pakistan has adopted an aggressive and attentive strategy to lead the digitization of Pakistan’s financial sector. In line with the regulator’s aim, easypaisa has continuously showcased its role as a pioneer, spearheading the effort to revolutionize the country’s financial services industry.
Easypaisa is committed to its goal of using teamwork and technology to turn Pakistan into a financially inclusive society. It currently has more than 40 million registered mobile accounts and this number continues to grow.
