Local payments refer to financial transactions that are conducted within a specific geographic region or country. These payments may be made using a variety of methods, such as cash, checks, debit or credit cards, or electronic transfer systems. 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 “local payment” can also refer to a payment made using a local currency, rather than a foreign currency.
This page was last updated on January 2, 2023.