. Cash on delivery Cash on delivery (COD) also called as collection on delivery, describes a mode of payment in which the payment is made only on receipt of goods rather in advance. Originally, the term applies only to cash payment, but since other forms of payment have become more common, the word “cash” has sometimes been replaced by the word “collect” to transactions with checks, credit cards or debit cards. COD is often used as an additional payment option in E-Commerce.
It offers the recipient the advantage of paying only when commodity is handed over that is likely similar to traditional system. If the goods are not paid, they are returned to the retailer. the bank account whenever a transaction is requested. It also provides the “peer to peer” collect request which can be scheduled and paid as per requirement and convenience.
UPI is developed on the basis of Immediate Payment Service (IMPS). To initiate a transaction, UPI applications use two types of address - global and local. z Global address includes bank account numbers and IFSC. z Local address is a virtual payment address.
Virtual payment address (VPA) also called as UPI-ID, is a unique ID similar to email id (e.g. name@bankname) enable us to send and receive money from banks. The bank or the financial institution allows the customer to generate VPA using phone number associated with Aadhaar number and bank account number. VPA replaces bank account details thereby completely hides critical information.
UPI is also available as an Unstructured Supplementary Service Data (USSD) service. Users who don’t have Internet can dial * # and get UPI services within India. The financial services like transferring fund, payment request and non-financial services like changing MPIN and balance check are currently available through the USSD. Chapter Electronic Payment Systems version CHAPTER version CHAPTER - - - - Chapter Electronic Payment Systems z Payments are the financial instruments used globally to transfer value in the form of money or its substitutes and are constantly changing due to new technology and Government