Electronic Payment Systems - Cash on delivery | 12th Computer Applications : Chapter 16 : Electronic Payment Systems
Chapter: 12th Computer Applications : Chapter 16 : Electronic Payment Systems
Cash on delivery
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payment have become more common, the word “cash” has sometimes been replaced by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.
Bharat Interface for Money 
(BHIM)
Individual banks and financial
institutions build and maintain their own mobile application for UPI
transaction. Bharat Interface for Money (BHIM) is an exclusive mobile app for
UPI developed by National Payments Corporation of India (NPCI) and launched on
30 December 2016. It is intended to facilitate e-payments directly through
banks and drive towards cashless transactions.
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