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.