What is EFTPOS??

Question

I have two visa cards and they say on the bottom that they are for electronic use only..

I have seen the machines at the shops that you can use but i heard that you cannot use the cards that i have for these machines. What does it mean by it can only be used electronically?

Answer 1

you should be able to use your cards in the shops

but why don't you just ask the bank?

Answer 2

eftpos is when u swipe your card at the shop to pay for the product. have no idea wat electronically means

Answer 3

EFTPOS stands for electronic funds transfer point of sale.  i.e you use the card to purchase products.  Most shops have EFTPOS facilities.  When you use the EFTPOS facilities, your money (funds) are transferred electronically from your bank account into the business account of the store where you are shopping.  Hope this is what you need.

Answer 4

Stands for Electronic Funds Transfer at Point Of Sale.

When you created your ban account, you got a key-card that is linked to your main account. using this card, you can pay for groceries or any other goods using EFTPOS machine.

Basically you swipe your card through, and the magnetic strip on your key-card will give the account information to the store to deduct $xx from your bank account. Credit cards use EFTPOS too.