Cash The oldest form of making payment for purchases done. Money Order For those who don’t have a bank account,a money order can be useful. The Post Office has a facility to transfer cash from one location to another Cheque Payments can be made by issuing a cheque National Automated Clearing House (NACH) This particularly is useful in making regular payments towards Home loan, Regular Investment Plans etc Prepaid Cards Prepaid cards are not linked to any bank account. Money has to be transferred from bank to Prepaid Card Account number. Payments can be made only if balances are available in the prepaid card account. Card (Debit or Credit) Debit cards are linked to bank account and payments towards purchases are immediately deducted from the linked account. Payment made using credit cards are initially settled by the issuing bank to the merchants and banks allow 40-50 days’ time to card holder to settle the money. If the card holder does not settle money by due date, bank will levy an interest charge. Electronic Funds Transfer Money can be transferred from one bank account to another by electronic funds transfer. Bank transfer can be done by NEFT, RTGS and IMPS. E-Wallet or Mobile Wallet or Digital Wallet Wallets are similar to prepaid cards and the only difference is that the account number in Mobile wallet is same as the Mobile number. The money is stored with reference to a mobile number and can be transferred to any other Mobile number.