What is the Full Form of EFTPOS? About EFTPOS
EFTPOS Full Form – Electronic funds transfer at point of sale or EFTPOS is an electronic mode of payment in which a person can transfer money from one bank account to another with the help of a Payment Terminal. It is an electronic device which links a bank account when a credit card is inserted in it through the telephone network. EFTPOS first originated in the USA in 1981. This technology was introduced in Australia in 1984 and New Zealand in 1985. This technology is called different names in different countries. For example – In Singapore, EFTPOS is called NETS. EFTPOS, as the name suggests, is a mode of e-banking. It is, like all other digital things, faster and safer than the normal mode of transaction. However, there are some issues which this technology faces till date. For example – not every card can work internationally as in some countries, there is less access to international credit cards. Only a few companies exist which have made debit cards which can be used at international payment terminals, like MasterCard and Visa.