SBP, LCCI to launch QR code payment system for chamber members

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

The initiative, announced during a meeting between SBP Chief Manager Tariq Riaz and LCCI President Faheem Ur Rehman Saigol, will allow members to pay for LCCI services by scanning QR codes, supporting the country’s broader move toward digital payments.

During the discussion, LCCI President outlined key challenges faced by exporters, including delays in export refinance scheme approvals and prolonged document verification processes. He said these issues disrupt production cycles, raise the risk of order cancellations and hurt the competitiveness of small and medium enterprises.

He also cited high mark-up rates and strict financing requirements as additional obstacles reducing profit margins. Saigol emphasised the need for continuous engagement between the central bank and the private sector so that policy decisions reflect on-ground realities.