Transfer of money or payment means through computer lines, without the need for physical movement of cash or checks or other documents. It simplifies and reduces the cost of banking operations. It is a progressing system, although with some caution due to legal issues and the possibility of fraud in computer systems. In some countries, terminals are already installed in commercial galleries, where the customer inserts a card with a magnetic stripe that allows the purchase amount to be automatically deducted from their account and credited to the commercial establishment’s account.
« Back to Glossary IndexElectronic funds transfer
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