Which of the following statements correctly describes the difference between EFT (Electronic Funds Transfer) and EFTPOS (Electronic Funds Transfer at Point of Sale)?

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Question

Which of the following statements correctly describes the difference between EFT (Electronic Funds Transfer) and EFTPOS (Electronic Funds Transfer at Point of Sale)?

Accepted Answer

EFTPOS is a specific application of EFT technology used at retail payment terminals — Award 1 mark for correctly identifying that EFTPOS is a retail-specific application of the broader EFT technology. A is incorrect — both can use various payment methods. C is incorrect — both can be used domestically and internationally. D is incorrect — this reverses the relationship and misrepresents how both systems work.

Answer

EFT requires a physical card while EFTPOS can use contactless payment only

Answer

EFTPOS transfers funds between bank accounts while EFT only transfers between credit cards

Answer

EFT is used only for international transfers while EFTPOS is for domestic payments

Answer

EFTPOS is a specific application of EFT technology used at retail payment terminals

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