From the course: Digital Banking Fundamentals
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Electronic fund transfers
From the course: Digital Banking Fundamentals
Electronic fund transfers
- [Narrator] Electronic funds transfer, commonly referred to as EFTs, allow the user to exchange money from one account to another electronically without the need for physical cash or paper documents. EFTs are quick and secure. Apps such as Venmo or Alipay allow customers to transfer money electronically from their bank accounts to another person's account using their mobile devices. Customers simply input the recipient's phone number or email address, specify the amount and complete the transaction instantly. Overall, EFTs have revolutionized the way money's moved, making transactions faster, more convenient and safer than traditional methods.
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