Local Payment Systems
Local Payment Systems are region-specific financial platforms that enable digital transactions tailored to local banking infrastructures, regulations, and consumer preferences. They include methods like bank transfers, e-wallets, and cash-based solutions, often integrated with APIs for businesses to process payments in specific countries or regions. Examples include Pix in Brazil, UPI in India, and iDEAL in the Netherlands.
Developers should learn about Local Payment Systems when building applications for global markets, as they are essential for compliance with local financial regulations and improving user adoption by offering familiar payment options. Use cases include e-commerce platforms expanding internationally, fintech apps targeting specific regions, and services requiring seamless cross-border transactions without relying solely on global systems like credit cards.