Adam is paying his bill in a restaurant using a contactless debit card. Describe the computer processing involved in Electronic Funds Transfer (EFT) using contactless cards.
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னஸ்ரீனஸ்ரீ பா மாணிக்கம் அரசு உயர்நிலைப் பள்ளியில் வாக்களித்த ணண
The given question is Adam is paying his bill in a restaurant using a contactless debit card. Describe the computer processing involved in Electronic Funds Transfer (EFT) using contactless cards.
EFT stands for Electronic funds transfer.
It is the electronic transfer of money from one bank account to another.
It is done either within a single financial institution or across multiple institutions through computer-based systems.
It performs without the direct intervention of bank staff.
Contactless payment is a secure method for consumers to purchase products or services using a chip card.
The chip card is also a debit card, credit card or smart card.
It is done by RFID technology or near-field communication (NFC).
The amount to be transferred by an EFT has a certain limit.
The limit varies by country and by the bank.
The various types of EFT are
Direct debit.
Direct deposit.
Automated Teller Machine (ATM) transfers.
Mail Order/Telephone Order (MoTo)
E-checks.
Wire transfers.
Debit or Credit Card.
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