Hyper-local payments refer to financial transactions that are conducted within a very specific geographic area, such as a neighborhood or even a single building or venue. These payments may be made using a variety of methods, such as cash, checks, debit or credit cards, or electronic transfer systems.
Hyper-local payments are typically processed and cleared through a domestic payment network, such as a national central bank or clearing house, rather than an international payment network. The term “hyper-local payment” can also refer to a payment made using a local currency, rather than a foreign currency.
The use of hyper-local payment systems is becoming more common in areas where traditional payment methods may be impractical or inconvenient, such as at events or in crowded urban areas.
This page was last updated on June 27, 2023.