Definition ∞ Retail payment systems are mechanisms and infrastructures designed to facilitate transactions between consumers and businesses for everyday goods and services. These systems include various methods, such as cash, credit cards, debit cards, and digital wallets. They enable efficient exchange of value and are fundamental to modern commerce.
Context ∞ The emergence of cryptocurrencies and central bank digital currencies (CBDCs) significantly influences discussions around retail payment systems. News often covers pilot programs and regulatory considerations for integrating digital assets into existing or new payment infrastructures. The goal is to improve efficiency, reduce costs, and broaden access to financial services for consumers and merchants globally.
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