2 min read
Pakistan is moving another step toward a cashless economy as the State Bank of Pakistan (SBP) and the Lahore Chamber of Commerce and Industry (LCCI) prepare to roll out a QR-based payment system for chamber members. The new feature will enable businesses to pay LCCI fees simply by scanning a QR code, making transactions faster and more convenient.
The initiative was announced after SBP Chief Manager Tariq Riaz met with LCCI President Faheem-ur-Rehman Saigol. The project aligns with Pakistan’s broader push for digital payments and aims to modernise payment flows within the business community.
The meeting also highlighted growing concerns from exporters. Saigol said exporters are struggling with delays in SBP’s export refinance approvals, lengthy document verification, and tightening financing conditions. He noted that these obstacles are affecting production timelines and increasing the risk of international order cancellations.
Calling for closer cooperation, Saigol stressed that
“policy decisions must reflect ground realities so that SMEs can stay competitive in a tough global market.”
He also pointed to high markup rates and strict loan conditions as factors squeezing profit margins for the private sector.
Officials say the upcoming QR system will reduce paperwork, improve payment efficiency at LCCI, and encourage wider adoption of digital financial tools across the business sector.
