This article throws light upon the six main types of electronic based payment systems used in India. The types are: 1. Retail Payment Systems 2. Electronic Retail Payment Instruments 3. Card Based Payment System 4. Real Time Gross Settlement System 5. High Value Clearing Systems 6. NEFT. Type # 1. Retail Payment Systems: Retail payments are transactions which can typically [...]
Read this article to learn about the difference between EFT, NEFT and RTGS. Difference between EFT, NEFT and RTGS EFT and NEFT are electronic fund transfer modes that operate on a deferred net settlement (DNS) basis, which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that [...]
After reading this article you will learn about:- 1. Meaning of a Cheque 2. Parties to a Cheque 3. Format 4. Importance in Payment System. Meaning of a Cheque: A cheque is a negotiable instrument instructing a financial Institution to pay a specific amount of specific currency from a specific demand account held in the name of the maker/depositor's name [...]