Hi....
EFT Stands for Electronic funds Transfer..
Here is some explanation about that..
Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.
The term is used for a number of different concepts:
* Cardholder-initiated transactions, where a cardholder makes use of a payment card
* Direct deposit payroll payments for a business to its employees, possibly via a payroll services company
* Direct debit payments from customer to business, where the transaction is initiated by the business with customer permission
* Electronic bill payment in online banking, which may be delivered by EFT or paper check
* Transactions involving stored value of electronic money, possibly in a private currency
* Wire transfer via an international banking network (generally carries a higher fee)
* Electronic Benefit Transfer
Regards
Deep S
Answered by
Deep
, an ibibo Master,
at
11:39 PM on January 14, 2009
