Digital payments surge more than sevenfold across 123 cattle markets as Pakistan expands cashless ecosystem during Eid-ul-Azha 2026.
KARACHI: Pakistan’s push toward a cashless economy gained significant momentum during Eid-ul-Azha 2026, as digital transactions worth over Rs34 billion were recorded under the State Bank of Pakistan’s (SBP) nationwide “Go Cashless” campaign, according to official data.
The initiative, implemented across 123 cattle markets nationwide, marked a major expansion from 54 markets in the previous year, reflecting growing institutional efforts to promote digital financial inclusion in traditionally cash-heavy sectors.
SBP reported that more than 481,000 digital transactions were processed during the Eid period, compared to around 65,000 transactions in 2025—representing a more than sevenfold increase in volume. The total transaction value also surged sharply from Rs4.6 billion last year to Rs34 billion in 2026.
As part of the campaign, approximately 12,500 new accounts were opened for cattle farmers, traders, and service providers engaged in livestock markets, helping integrate previously unbanked participants into the formal financial system.
A total of 22 commercial banks participated in the initiative, establishing dedicated camps and service kiosks in cattle markets to facilitate digital payments. Merchants were registered through biometric verification and issued QR codes to enable real-time digital transactions.
To further support market operations, mobile banking vans equipped with ATMs, cash handling facilities, and deposit machines were deployed at selected locations, allowing traders to manage cash flow more efficiently.
SBP teams remained present in markets throughout the campaign period to assist banks and ensure smooth operations, while also addressing technical and logistical issues on-site.
In a key facilitation step, the central bank temporarily increased transaction limits between May 14 and June 5, 2026, to accommodate higher-value livestock trade activity during Eid season.
The SBP also conducted a nationwide awareness drive through television, radio, print, and digital platforms to encourage adoption of cashless payments, alongside outreach efforts by participating banks.
Officials said the strong uptake of digital channels reflects a gradual but notable shift in consumer and merchant behavior in sectors that have historically relied heavily on cash-based transactions. The central bank added that such initiatives are part of broader efforts to strengthen Pakistan’s digital payment infrastructure, improve transparency in trade, and promote financial inclusion across seasonal and informal markets.
