SBP increases digital payment up to Rs5m for livestock trade before Eid

To facilitate digital transactions in cattle markets on this Eid-ul-Adha, the State Bank of Pakistan (SBP) has temporarily increased transaction and balance limits for various account categories from May 31 to June 20.

According to the 24NewsHD TV channel, for merchants with biometrically verified accounts, transaction limits have been raised to Rs5 million, with waivers on balances exceeding the normal limits.

This initiative aims to make digital payments safer and more accessible, reducing reliance on cash transactions during the busy Eid Al-Adha period.

The SBP’s strategy is designed to address the high volume of cash transactions typically seen in livestock markets around Eid Al-Adha.

By enhancing digital payment facilities, the SBP hopes to streamline the buying and selling process, making it more secure and efficient for both merchants and customers.

Accounts benefiting from the increased limits include Branchless Banking Level One, Aasan Account, Aasan Digital Account, and Merchant Account.