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.
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This page was last updated on June 27, 2023.
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