What is Electronic Funds Transfer (EFT) in Retail? Explained

Electronic Funds Transfer (EFT) involves the electronic exchange of money between accounts, conducted through computer-based systems. Widely utilized in retail, EFT facilitates seamless financial transactions, including online purchases, point-of-sale interactions, and direct deposits. This digital method eliminates the need for physical currency, enhancing efficiency and security in the transfer of funds between banks or financial institutions. EFT plays a pivotal role in modern retail, streamlining financial processes and contributing to the speed, accuracy, and convenience of transactions in the digital era.