The State Bank of Pakistan (SBP), the country’s central bank, has launched a “Go Cashless” awareness campaign in cattle markets ahead of Eid-ul-Azha. The campaign aims to promote digital payments in cattle markets during the high transaction period of Eid-ul-Azha. This campaign has been going on from May 19, 2025, to June 6, 2025.
Cattle Markets Shift Toward Cashless Payments in Mandis
This is part of the broader plan by SBP to promote digital financial inclusion in the country. The campaign aims to make transactions easier and faster for both buyers and sellers. Digital payments can be used for buying animals, feed, drinking water, and other related expenses. This initiative is also linked to SBP unclaimed deposits claim online services to improve awareness of digital financial systems.
This awareness campaign was introduced by SBP with the help of banks in 54 cattle markets of 22 districts of Pakistan. The Eid-ul-Azha festival is one of the largest business opportunities in Pakistan, involving thousands of animal trades worth billions of Pakistani rupees. Cash transactions increase the chances of theft and fake currency notes being involved in the business process, and therefore, electronic money transfer comes in handy as an alternate payment method.
Growth of Digital Payments in Cattle Markets
There have been positive signs regarding digital transactions at cattle markets in recent times. In 2024, for instance, there were a total of 13,000 transactions, whose total worth was Rs560 million. These transactions were made when the digital process was at the initial stage, where people were trying to understand the new payment process in livestock sales. The number of transactions made last year increased significantly when more markets and banks participated in the campaign. There were 64,553 transactions made last year whose total value was Rs. 4.65 billion.
Challenges and Expansion of Cashless System
Although there is improvement, the share of digital transactions remains below one percent of the overall mandi market. Barriers such as mobile wallet restrictions, poor internet connectivity, and reporting problems persist. For the convenience of buyers, SBP has allowed temporary relaxation of transaction limits for the Eid season.
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Commercial banks have increased physical presence in the cattle markets as well. Promotion of QR payment and better immediate settlement systems is underway to prevent any disputes and delays in payment. The network has also extended to almost 96 cattle markets this year.
Reports indicate rising usage of digital payments, particularly for large transactions. Most of the digital transactions happen during the last few days preceding Eid, but definitive numbers may be available soon. It can be assumed that further expansion will make digital payments more commonplace in the upcoming years. News source eTimes Pakistan.
Read more: SBP launches nationwide “Go Cashless” drive for Eid-ul-Azha
