BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

EFTPOS is a technology that makes it possible for retailers to directly receive funds from a customer’s bank account via their debit card. What is the meaning of “T” in EFTPOS?

A	Trusty
B	Transfer
C	Technology
D	Treaty

Explanation:

Detailed explanation-1: -Essentially, EFTPOS (which stands for ‘Electronic Funds Transfer at Point Of Sale’) is a payment method for goods and services.

Detailed explanation-2: -Electronic funds transfer at point of sale (EFTPOS; /ˈɛftpɒs/) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale.

Detailed explanation-3: -ACH/Direct Debit ACH, Direct Debit, E-check and others are a form of EFT (electronic funds transfers) and a means of collecting payment from a customer by pulling the funds directly from their bank account and transferring it to the merchant’s account.

Detailed explanation-4: -EFTPOS cards can only be used to pay at an EFTPOS terminal by swiping the magnetic stripe, whereas debit cards can: Be tapped to use ‘PayWave’ Connected to alternative payment methods like Apple Pay or Google Pay so that customers can make payments with their smartphone or smartwatch.

There is 1 question to complete.