What is the acronym commonly used for Electronic Funds Transfer at Point of Sale?

The acronym commonly used for Electronic Funds Transfer at Point of Sale is EFTPOS. This term refers to the technology that allows customers to make payments electronically using a debit or credit card at retail locations or service providers. EFTPOS promotes efficiency and convenience in transactions, enabling immediate transfer of funds from the customer’s bank account to the merchant's account upon the completion of a sale.

In contrast, the other terms mentioned refer to different concepts. EBT stands for Electronic Benefit Transfer, which is a system for delivering government benefits electronically. POS simply stands for Point of Sale, which is the physical location or system where sales transactions occur but does not specifically indicate the electronic transfer mechanism. An eWallet is a digital wallet that allows users to store and manage their funds electronically but is not the acronym for the specific process of transferring funds at the point of sale that EFTPOS signifies.