Postal and Money Orders Issued by the Post Office and are generally used to remit funds. They are issued against payment of cash and sent to the Post Office that is nearest to the beneficiary's home. This service includes payments for public utility charges, credit card bills, taxes, school fees, insurance premiums, loan repayments, etc. Prearranged direct credits are used for payment of salaries, dividends and pensions. Payment instructions are mostly paper-based.
Some companies deliver payment instructions to banks on magnetic tapes.
Credit Cards Cardholders are permitted to obtain cash advances at their banks and from ATMs and to charge purchases at the outlets of all participating merchants. If the entire amount outstanding is paid within the grace period, no interest charge is made, except for cash advances. Cards are used extensively by consumers both as a means of payment and as a form of credit. Prepaid Cards Store information on how much the holders paid for the cards. The cards remain valid as long as the amount spent using the card is less than the present amount.