SBP, LCCI to introduce QR code payment system

LAHORE: The State Bank of Pakistan (SBP) and the Lahore Chamber of Commerce and Industry (LCCI) will jointly introduce a QR code payment system to facilitate cashless transactions for chamber members.

The initiative will enable members to pay for LCCI services by simply scanning QR codes, supporting Pakistan’s shift toward a digital economy.

This announcement came 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, also attended the session.

President Saigol highlighted several challenges facing exporters, including delays in export refinance scheme approvals and lengthy document verification processes that disrupt production schedules and increase order cancellation risks. He emphasized that high mark-up rates and strict financing requirements are reducing profit margins and hindering the competitiveness of small and medium enterprises.

Saigol stressed the importance of maintaining continuous contact between the State Bank and the private sector to ensure policies reflect ground realities.