NAME : VIDYABHUSHAN .S.

DWIVEDI
ROLL NO: 198235
CLASS : TYBMS ( MARKETING )
SUB :E-COMMERCE AND DIGITAL MARKETING

TOPIC:TYPES OF ELECTRONIC FUND

TRANSFERS
TYPES OF ELECTRONIC FUND TRANSFERS
➢ ATM transfers: Transfer of funds done via ATMs.
➢ Direct deposit: Depositing money directly into a payee's
account. This is used for recurring payments to be made
to the payee, like salaries, monthly bills etc.
➢ Direct Debit: Customer allows withdrawal of funds by the
payee by authorising the payee to directly withdraw funds
from the customer's account. This is also called
preauthorised payment.
➢ Phone banking: Transfers made using tele-banking
services.
➢ Credit or debit card transactions.
➢ Wire transfer: International payments made using
networks such as SWIFT.
➢ E-cash transactions: Transaction done using
electronic cash.
➢ Instant payments: Immediate payments between
accounts which can be done 247"365 using
immediate payment system (IMPS). Instant payment
systems in different countries are known by different
names. In India, Money can be transferred instantly
using IMPS and UPL.
ADVANTAGES OF EFT
➢ Saves time: EFT helps in saving a lot of time as funds can be
transferred from one account to another sitting at any place
using just a computer with an active internet connection. It
can be done in just a few clicks and in minutes.
➢ Convenience: Customers using EFT system are saved from
(2) the hassles of visiting a bank's branch and spending long
time filling up forms and waiting in queues, within limited
operational hours. With EFT a customer can make a time of
the day in the comfort of their transaction at any home.
➢ No chance of dishonour: While there is always a fear of
dishonour of cheque due to various reasons, an EFT
transaction cannot be made without adequate balance
in the account and therefore, there is no scope of denial
of payment or dishonour of payment instruction, in the
case of EFT.
➢ No fear of loss: Since EFT is completely paperless and
cashless, the fear of losing cash or an important
payment document in transit is eliminated.
DISADVANTAGES
➢ Limits: There are limits on the maximum amount that
can be transferred per account per day.
➢ Fraud: With the use of internet, the risk of internet
frauds always exists. Every bank has its own security
system toprotect customers, but if hackers break into
the system, the customer's account is at a risk.
➢ Internet required: Without an active internet
connection EFT transactions are not possible.