The State Bank of Pakistan (SBP) and the Lahore Chamber of Commerce and Industry (LCCI) will jointly introduce a QR code Payment System to simplify cashless transactions for chamber members.
This initiative will allow members to pay for LCCI services by scanning QR codes. The new Payment System aims to promote convenience and support Pakistan’s shift toward a digital economy.
The announcement was made during a meeting between SBP Chief Manager Tariq Riaz and LCCI President Faheem Ur Rehman Saigol at the chamber’s headquarters. Executive Committee members Syed Salman Ali and Rana Shouban Akhtar, along with SBP Deputy Director Fahad Ali, were also present.
President Saigol highlighted key challenges faced by exporters. He pointed out delays in the export refinance scheme approvals and lengthy document verification processes. These issues disrupt production schedules and increase the risk of order cancellations.
He also noted that high mark-up rates and strict financing requirements reduce profit margins, making it harder for small and medium enterprises (SMEs) to remain competitive.
Saigol emphasized the importance of strong communication between the State Bank and the private sector. He said policies should reflect ground realities to support business growth and a more efficient financial system.
The new QR code Payment System is expected to streamline payments for LCCI members and encourage wider adoption of digital payment solutions in Pakistan. Officials hope that it will improve financial transparency, reduce reliance on cash, and make transactions faster and more secure.
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With the introduction of this Payment System, SBP and LCCI aim to create a model for future digital transactions across other business sectors in the country, fostering economic growth and financial inclusion.
