Offline and Online Modes of Payment Systems in the Market


Offline Modes Of Payment System Details


Though the new generation is now focusing much on plastic money and digital or online payments methods to buy and sell goods and services, the offline modes of payments are also very much prevalent on a regular basis for those people who find themselves comfortable with them. The methods are simple and do not need you to remember any Internet banking password or other significant details in case of an emergency. There is a personal touch to these matters related to money or finance, and it is convenient for the who trust the particular methods and cash handling more than the increasingly popular mode of online transfers. 




Modes of Payment

People who have little time business attributes which need immediate cash generally rely on the offline payment system like cash, cheque (am. check) or ATM transfers. It relieves them of carrying around a laptop or save the mobile banking application in their mobile phones for gaining access to their finances. Some of the informal methods or modes of payments that can be used when people are in need the have been discussed as here under:
 

Cheque / Check


For those entities and individuals which have to make bulk payment to their vendors and need some buffer time in hand before the relevant money is taken off their account, cheque ( Am. Check ) is an excellent mode of payment. You need to have the checkbook with yourself and pen to mark your signature as and when required. However, it is not suitable for making immediate payments in the times of emergency. There are various kinds of cheque options available to people everywhere that can be put to different purposes.
  •          Order Cheques
  •          Bearer Cheques
  •          Post Dated Cheques (PDC), etc.


 Manual Teller Deposits



You can also opt for the options of depositing cash in account of the person concerned. It is a tedious method of transferring money as you have to stand in a  long queue but the actual time taken to reflect the same in the account after you have deposited the money is quite little, and thus, most of the people who are averse to the ideas of online transactions or transfers use this method of payment.




ATM Transfers




You can opt for transferring the payment from one account to another too with the help of ATMs (Automated Teller Machines) which are present in every nook and corner of the cities or towns, and have also now reached villages. This can also be used to make credit card payments of the same account if you any how do not like the idea of depositing cash for the credit cards used during the previous month.


How to overcome issues under offline modes of payment?




There are Central Banks of all countries taking care of this as US Fed Reserve in the USA. Likewise, in India the Reserve Bank of India (R.B.I.) appoints an official from its department to look into the daily complaints of the people concerning payments made with the help of offline modes as cited above. It is done concerning the Banking Ombudsman Scheme that was launched in the country in the year 2006. 25 listed issues can be addressed under this RBI’s scheme and people with little idea about the handling of finances generally resort to this measure in case of any troubles. Some of the common type issues have been discussed as below:

  •          Delay in the payment of cheques (am. checks) or drafts
  •          Non - payment of inward remittances
  •          Refusal in closing accounts, and so on.




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