Different modes of Payment

As the commerce and economy expand, volume and variety of transactions expand where there is a need to exchange the money. Using cash for each of these transactions is neither feasible nor practically possible. There are concerns regarding security and transportation of cash in cases where large amounts of money are involved. Banks support ease and velocity in such cases by offering various payment systems as solutions.
What are Payment Systems?
A Payment System is a mechanism that facilitates transfer of value between a payer and a beneficiary by which the payer discharges the payment obligations to the beneficiary. Payment Systems are the medium to transfer funds from one person to another that facilitate businesses and economies. Payment system enables two-way flow of payments in exchange of goods and services in the economy. Payment systems help consumers to transfer funds to each other. Cash is the traditional and most widely used payment instrument that consumers use in their daily lives to purchase goods and services. Banking channels also provide other payment instruments through different platforms and these are also widely used in commerce. Payment systems comprises of instruments through which payments can be made, rules, regulations and procedures that guide these payments, institutions which facilitate payment mechanisms and legal systems etc. that are established to facilitate transfer of funds between different participant institutions. Payment systems are used by individuals, banks, companies, governments, etc. to make payments to one another.
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Unstructured Supplementary Service Data (USSD)

Unstructured Supplementary Service Data (USSD), sometimes referred to as "Quick Codes" or "Feature codes", is a protocol used by GSM cellular telephones to communicate with the service provider's computers. USSD can be used for WAP browsing, prepaid callback service, mobile-money services, location-based content services, menu-based information services, and as part of configuring the phone on the network.
USSD messages are up to 182 alphanumeric characters long. Unlike Short Message Service (SMS) messages, USSD messages create a real-time connection during a USSD session. The connection remains open, allowing a two-way exchange of a sequence of data. This makes USSD more responsive than services that use SMS.

Technical details

Most GSM phones have USSD capability. USSD is generally associated with real-time or instant messaging services. There is no store-and-forward capability, as is typical of other short-message protocols like SMS. In other words, an SMSC is not present in the processing path.
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