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Pakistan sees $16 million in online animal sales during Eid — central bank
Pakistan sees $16 million in online animal sales during Eid — central bank

Arab News

time17-07-2025

  • Business
  • Arab News

Pakistan sees $16 million in online animal sales during Eid — central bank

KARACHI: Pakistanis spent more than 4.7 billion rupees (approximately $16.3 million) on sacrificial animals through digital transactions during Eid-ul-Azha this year, the State Bank of Pakistan (SBP) said on Tuesday, highlighting a growing shift toward cashless commerce in one of the country's most traditional and informal markets. The digital sales were part of the central bank's 'Go Cashless in Cattle Markets Campaign 2025,' launched to promote financial inclusion and reduce cash handling during the three-day religious festival that began on June 7. The annual holiday, also known as Eid Al-Adha, marks the Islamic ritual of animal sacrifice, during which millions of Pakistanis buy goats, cows, and camels, often in large, informal marketplaces. The SBP said the campaign was implemented in collaboration with 24 commercial banks and covered 54 major cattle markets across the country. 'The campaign was successfully implemented in 54 major cattle markets across Pakistan, resulting in 64,553 transactions valued at Rs 4.656 billion,' the central bank said in a statement. Eid-related animal trade represents a significant part of Pakistan's informal economy. By introducing digital payment options in livestock markets, the central bank aims to improve financial transparency and support the government's broader goal of documenting the cash-based economy. Pakistan is currently under a $7 billion loan program with the International Monetary Fund (IMF), which encourages reforms including digitization of financial services to boost tax collection and economic stability. 'Digital payment systems play a vital role in modern economies by offering transparency, reducing fraud risks, and providing secure, convenient, and inclusive access to financial services,' the SBP said. It added that such initiatives were crucial for building trust and driving adoption of digital platforms, especially among underserved groups like livestock traders. The central bank said feedback from buyers and sellers in the cattle markets was positive, with participants appreciating the reduced reliance on physical cash. 'This campaign was highly appreciated by the buyers and sellers in the cattle markets, as it reduced their reliance on cash,' the bank noted. Najeeb Ahmed Warsi, head of online trading at Foundation Securities Ltd, called the initiative a meaningful step toward modernizing Pakistan's financial landscape. 'This campaign is more than just numbers, it's a clear step forward in Pakistan's journey toward a digitally-driven, cashless economy,' he said. 'By digitizing traditional markets, we're building trust, increasing financial inclusion, and setting the stage for a safer, smarter financial ecosystem.' Warsi noted that the partnership between 24 commercial banks and the central bank allowed the initiative to scale effectively across the country. 'This groundbreaking initiative earned widespread praise from both buyers and sellers, who welcomed the shift from cash to digital payments, and transparency during one of the busiest market seasons,' he added. The SBP said it would continue fostering collaborations across the financial sector to further Pakistan's transition to a digitally inclusive economy.

Telr Payment Gateway sponsors Seamless Middle East 2025
Telr Payment Gateway sponsors Seamless Middle East 2025

Zawya

time12-05-2025

  • Business
  • Zawya

Telr Payment Gateway sponsors Seamless Middle East 2025

Dubai – Telr, the award-winning online payment gateway in MENA, is gearing up to participate in Seamless Middle East 2025—the region's flagship event for payments, fintech, and digital commerce—as a silver sponsor. Known for powering seamless transactions and digital innovation, Telr steps into Seamless Middle East 2025 with fresh momentum and a powerful vision for the future of cashless commerce. This year marks a significant milestone for Telr. The Central Bank of the UAE officially granted it the Retail Payment Services License (RPS), underscoring its strong regulatory standing and commitment to trustworthy, scalable solutions. Adding to its achievements, Telr was proudly recognized among the Future100 —a national initiative led by the UAE Ministry of Economy and the Office of Government Development and the Future, celebrating the country's top future-focused enterprises across emerging economic sectors. Telr was also listed on the prestigious Forbes Middle East Fintech 50, which honors the most impactful and innovative fintech companies transforming the financial landscape across the region. 'Our goal has always been to make payments simpler, smarter, and more secure for businesses of all sizes. We're enabling the future of digital commerce across the region. Seamless 2025 allows us to showcase how Telr is redefining the digital payment experience,' said Khalil Alami, Founder and CEO of Telr. At Seamless 2025, Telr will showcase a comprehensive suite of payment services, including innovative payment experiences, split payments, BNPL options, and advanced fraud prevention. Designed to serve startups, SMEs, and large enterprises alike, Telr's platform helps merchants accept payments easily through websites, mobile apps, social media, and beyond. Attendees are invited to visit Telr's booth to explore its latest solutions and discover how the company continues to lead the evolution of digital payments across the region. About Telr: Established in 2014, Telr, the UAE-based award-winning payment gateway solutions provider, offers a unique platform that enables payment handling in over 120 currencies and 30 languages in the UAE, KSA, Bahrain, and Jordan with the highest level of security. Through a single integration, Telr grants access to every payment method, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, Samsung Pay, SADAD, Mada, STC Pay, and urpay. With its one-stop mindset, Telr extended its services even further, offering a complete e-commerce solution. This covers various financial and business services, including social commerce, QR Codes, digital invoicing, Telr Buy Now Pay Later (BNPL), and Telr Finance, a merchant financing program. Telr is the first PCI-DSS Level 1 & NESA-certified company in MENA. Learn more at Connect with us at For more information, please contact: Zena Asfour Regional Marketing and Communications Manager

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