What Does Electronic Funds Transfer At Point Of Sale (EFTPOS) Mean?
Electronic funds transfer at point of sale (EFTPOS) is a payment system which allows faster and safer digital fund transfers at payment terminals. Using this system, payment terminals located at the point of sale can be used with debit or credit cards for acceptance of payment. This system was devised in the U.S. during early 1980s and became very popular in other countries as well.
Techopedia Explains Electronic Funds Transfer At Point Of Sale (EFTPOS)
The EFTPOS system was developed in the 1980s. Many different EFTPOS providers were initially set up, which were not connected to each other, resulting in compatibility issues. Thus, it was not very popular at first, and shops were slow to embrace the idea. However, due to reforms implemented in 2002, the EFTPOS industry has seen significant growth, as the separate systems in the U.S. were merged for more compatibility. This led to more users utilizing this system, thus popularizing it.
