EFT-POS (Electronic Funds Transfer at Point Of Sale); is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards. This system works at payment terminals located at points of sale. EFTPOS technology originated in the United States in 1981 and was adopted by other countries. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country specific and do not interconnect.
EFTPOS transactions involving a debit, credit or prepaid card can be authenticated in a number of ways. In this system authentication was by a personal identification number (PIN) that was entered into a PIN pad at the terminal and transmitted to the bank for verification.
As of December 2010, there were over 707,000 EFTPOS terminals in Australia and over 28,000 ATMs. Of the terminals, over 60,000 offered cash withdrawals. In 2010, 183 million transactions, worth a $12 billion, were made using Australian EFTPOS terminals per month.
In 2011, these figures increased to 750,000 terminals, with 325,000 individual businesses, processing over 2 billion transactions with combined value of approximately $131 billion for the year.