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Comparison of modes of payments
1. Method Features Limitations
Oldest Method of Payment Cannot be used for large amounts
Offers immediate credit Costs of transportation and cash collection /
treasury services for banks
Easiest to Use Safety issues
Needs no literacy to use it
Safer than cash Banks may charge to issue drafts
Stop Payment instructions can be issued Checks need to be physically cleared, leads
to delays
Legal protection if checks bounce Transportation costs of moving checks to
clearing houses
Very user Friendly and gives you control
over payments
Dangers of Fraud
Quick way of transferring money Time-frame dependent on clearing house
system
Can be used for inter-bank or intra-bank
transfers
Payments made are at user's risk
Cumbersome to register and use Cannot do Stop Payment
May offer a range of services Can be proprietary
Very Cumbersome to register and use May work with only a few vendors
Dangers of credit / debit card fraud
Comparison of Modes of Payment
Cash
Notes and Coins
Paper
Check / Demand Drafts
Payment Portals/Online
Service Providers’
(E*Trade, E*Bay etc)
InternetBanking
Funds Transfer
Dangers of credit / debit card fraud
Cannot do Stop Payment
Offers great flexibility and convenience Dangers of phishing and online fraud
Cumbersome to register and use All customers may not feel tech-savvy
Payments made are at user's risk
Cannot do Stop Payment
True anywhere, anytime banking Safety issues
Easy to Use Only allows text-based (SMS) payments
Possibility of payments being allowed to only
pre-registered vendors
Cannot do Stop Payment
True anywhere, anytime payments More oriented to Retail Payments
Credit Facility available Bank charge customers to use this service
Very Easy to Use Dangers of Skimming and Frauds
Very Cumbersome to claim
reimbursements against Frauds
Very Costly to use as interest rates are the
highest for credit and withdrawals against
Credit Cards
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Partho H. Chakraborty
Cell: +91 99863 22504
MBankingCards
(E*Trade, E*Bay etc)
InternetBanking
Internet Banking
MBanking
Cards