seems like its not just cash they accept as payment though:
These terms of service apply to C.O.D.:
Where cash is collected, the maximum amount is the local currency equivalent of USD 5,000 per receiver per day.
Where a cheque is collected, the maximum amount is the local currency equivalent of USD 50,000 per receiver per day.
UPS will accept a business or personal cheque, or another negotiable form of payment.
At the shipper's request, UPS will accept a cashier's cheque or money order only.
The shipper assumes all risk related to the collection of the payment, including non-payment, insufficient funds, and forgery.