What does EFT mean in e-commerce?

EFT in e-commerce refers to the EFT payment system, that is, electronic payment, also known as electronic fund transfer system. It is a bank computer network system which is stored in computers in the form of electronic data and flows through the bank computer network.

Users exchange a certain amount of cash or deposits from issuers to obtain data representing the same amount and store it in readable electronic information. When users need to pay off debts, they can directly transmit electronic data to the payment object through some electronic media or methods. This kind of electronic data can be called electronic money.

EFT payment system has obviously changed the payment and settlement methods, reduced costs and improved efficiency, so it has developed rapidly. Many countries have successively established (large) electronic payment systems, POS systems and ATM systems that mainly serve consumers. The new generation payment system of China People's Bank and the inter-bank electronic fund transfer network of UnionPay also belong to this category.

Extended data:

The composition of electronic fund transfer in e-commerce;

1. Point-of-sale terminal (POS) is an interface with electronic money and accepts electronic fund information.

2. The terminal controller has two functions: one is to receive information from the connected POS terminal, synthesize the information and transmit it to the bank computer system through the communication line; Second, relevant information is selectively transmitted to the appropriate POS terminal through various lines. In the electronic fund transfer system, the fundamental purpose of using terminal controller is to reduce the rental fee of communication lines.

3. The role of modem and communication line is to connect POS with the computer system of the bank to realize data transmission.

4. The bank's computer system is the core of the whole system, and the customer's foot account data and the information used by debit cards are processed by the bank's computer system.

Baidu encyclopedia -EFT payment system

Baidu Encyclopedia-Electronic Fund Transfer System

Baidu encyclopedia-electronic fund transfer