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Electronic funds transferElectronic Fund Transfer or EFT is the computer-based system that is used to perform all financial transactions electronically. This term is widely used to refer various concepts. It is prevalent in cardholder -initiated transactions in which the card is used as a payment card for the cardholders.The term is also used to refer electronic payments by businesses , including salary payments and electronic check or cheque clearing. The example can be sited from Singapore public transportation system. It has implemented a successful electronic money which is more or less similar to the octopus card of Hongkong . The electronic money is called as EZ-Links by Singaporeans . This card is of same size like that of a credit card. It has a small chip and a wireless communication model. Whenever they board or get off a bus, passengers are required to tap the EZ- Link. The bus fare system automatically deducts the fare from the EZ-Link value. More Glossary Terms Explained here |
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