electronic funds transfer at point of sale

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The automatic debiting of a purchase price from the customer's bank or credit-card account by a computer link between the checkout till and the bank or credit-card company. The system can only work when the customer has a debit card or credit card that is recognized by the retailer. In the increasingly used ‘chip and pin’ system the transaction is ratified by the use of a personal identification number (PIN) rather than by signature of a printed voucher.

Subjects: Economics.

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