What does the term EFTPOS refer to?

The term EFTPOS stands for Electronic Funds Transfer at the Point of Sale. This system enables customers to make payments electronically using their debit or credit cards at retail locations. It streamlines transactions by allowing direct transfer of funds from the customer’s bank account to the merchant’s account at the moment of purchase. This method offers increased convenience and security compared to traditional cash transactions.

The correct answer aligns with the widely recognized use of EFTPOS in facilitating transactions in many countries, notably in Australia and New Zealand, where it plays a significant role in daily commerce. Understanding this term is crucial for recognizing how electronic payment systems have evolved and how they function in a retail environment. Other options, although they contain related concepts, do not accurately reflect the established acronym and its associated framework.