What Does EFT Stand For?

EFT stands for Electronic Funds Transfer

Electronic Funds Transfer (EFT) is a digital payment method that enables the transfer of money from one bank account to another through electronic means. This process is commonly used for transactions such as direct deposits, bill payments, and online purchases, providing a secure and efficient method for managing financial transactions without the need for physical checks or cash. EFT systems streamline payment processes, enhance transaction speed, and reduce the risk of fraud, making them a vital component of modern banking and commerce.

Other Meanings for EFT