Local Payment Solutions for e-Commerce | Alternative Payments® (2024)

FAQs

What are the alternative payment solutions for online payments? ›

Local Payment Methods allow customers to pay with banks, wallets, or other means that operate only in specific regions of the world.

PayPal's alternative payment method (APM) options help payers across the globe pay with bank accounts, digital wallets, and other payment methods. You can accept and reconcile APM payments across borders with a single integration into the PayPal Commerce Platform (PPCP).

An online payment system, also referred to as an “online payment process” or “online checkout system,” is all forms and processes for transferring money between two parties in ecommerce. It encompasses all technical and nontechnical processes used to enable such transfers.

FinTech simplifies financial transactions for consumers or businesses, making them more accessible and generally more affordable. It can also apply to companies and services utilizing AI, big data, and encrypted blockchain technology to facilitate highly secure transactions amongst an internal network.

The definition of business-to-business payments or B2B payments is the transfer of value denominated in currency from buyer to supplier for good or services supplied. B2B payments can be a one time or recurring transaction depending on the contractual agreement made between the buyer and supplier.

Why alternative payment methods? ›

The importance of alternative payment methods

They enable people to pay in a way that suits them, so as a merchant, it's especially important that you're able to offer a broad range of payment options at the checkout point.

LOCAL MONEY TRANSFER. EFT. EFT stands for Electronic Funds Transfer. It is an automated payment system used to transfer money between local banks in Kenya. EFT allows you to transfer money from your Prime Bank account to another bank account within Kenya.

Defining key terms: Alternative Payment Models, such as those tested by the CMS Innovation Center, reward health care providers for delivering high-quality and coordinated care. APMs can apply to a specific: Health condition, like end-stage renal disease. Care episode, like joint replacement.

PayPal. PayPal is the world's most widely used payment acquirer, processing over 22,3 billion payments in 2022. More than 30 million merchants and 400 million active customers use PayPal. Payments are made using a user's existing account or with a credit card.

An alternative payment method (APM) is any way to pay for goods or services that doesn't involve cash or a card that belongs to a recognizable major card scheme, such as Visa, Mastercard or American Express.