The State Bank of Pakistan and the Lahore Chamber of Commerce and Industry have taken a significant step toward accelerating the country’s move into a digitally powered financial landscape. Both institutions are preparing to introduce a QR code payment system designed to simplify and modernize how chamber members conduct financial transactions. This initiative marks another advance in Pakistan’s ongoing shift from traditional cash-dependent practices to streamlined digital mechanisms that enhance both efficiency and transparency.
The forthcoming system will allow businesses associated with the chamber to pay for a variety of LCCI services through a quick scan of QR codes. Such an approach eliminates the need for physical cash handling or manual verification processes, helping reduce delays and optimizing workflow for enterprises of various sizes. By integrating QR-based payments into business operations, the initiative aims to support smoother processes while contributing to the broader national vision of fostering a digital economy.
This development was formally discussed during a meeting held at the chamber’s headquarters, where SBP Chief Manager Tariq Riaz and LCCI President Faheem Ur Rehman Saigol reviewed the plan and its expected impact. The session was also joined by Executive Committee members Syed Salman Ali and Rana Shouban Akhtar, along with SBP Deputy Director Fahad Ali. The conversations centered not only on the technical and operational aspects of the QR system but also on the wider landscape of financial hurdles faced by businesses in the region.
During the discussion, President Saigol pointed out several persistent challenges confronting exporters. He noted that delays in approvals under the export refinance scheme have created notable disruptions in production cycles, often resulting in increased risks of order cancellations. Lengthy documentation requirements and verification timelines were highlighted as major obstacles that slow down critical processes and affect the delivery capabilities of local companies.
Saigol also addressed concerns tied to high mark-up rates and the tightening of financing conditions. According to him, these factors have compressed profit margins, particularly for small and medium enterprises that already struggle to maintain competitiveness in the global market. He emphasized that such financial pressures could hinder the long-term growth potential of these businesses and limit their ability to scale.
In addition to these concerns, President Saigol underscored the importance of sustained communication between the central bank and the private sector. He stressed that consistent engagement is crucial to ensuring that financial policies align with on-ground realities and support the evolving needs of businesses. Strengthening this connection, he suggested, could lead to more responsive policy frameworks and improved confidence among exporters and entrepreneurs.
The joint introduction of a QR code payment system by the SBP and LCCI represents a forward-looking move that aligns with Pakistan’s efforts to expand its digital finance ecosystem. As the country continues to invest in innovative financial tools, such initiatives are expected to help modernize business transactions, reduce administrative inefficiencies, and promote digital inclusion across commercial sectors.
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