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What are Local Payments?

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.