I’ve come across the term “closed-loop payment system” in a few articles, but I’m not exactly sure what it means. Can anyone explain how it works and its benefits?
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A closed-loop payment system is a setup where transactions occur within a single network, like gift cards or in-store apps, without involving external banks. This approach can offer benefits like reduced fees and improved customer loyalty. For a detailed explanation and examples, check out this guide: https://sdk.finance/closed-loop-payment-systems-definition-benefits-and-business-cases/ It covers the basics and advantages for businesses.
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A closed-loop payment system is a setup where transactions occur within a single network, like gift cards or in-store apps, without involving external banks. This approach can offer benefits like reduced fees and improved customer loyalty. For a detailed explanation and examples, check out this guide: https://sdk.finance/closed-loop-payment-systems-definition-benefits-and-business-cases/ It covers the basics and advantages for businesses.