Contactless payment and EFTPOS

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Difference between Contactless payment and EFTPOS

Contactless payment vs. EFTPOS

Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near field communication (NFC, e.g. Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any bank mobile application that support Contactless) for making secure payments. Electronic funds transfer at point of sale (EFTPOS) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale.

Contactless smart card

A contactless smart card is a contactless credential whose dimensions are credit-card size.

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Credit card

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges.

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Debit card

A debit card (also known as a bank card, plastic card or check card) is a plastic payment card that can be used instead of cash when making purchases.

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EMV

EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.

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Mastercard

Mastercard Incorporated (stylized as MasterCard from 1979 to 2016 and mastercard since 2016) is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York, United States.

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Mobile payment

Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device.

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Payment terminal

A payment terminal, also known as a point of sale terminal, credit card terminal, EFTPOS terminal (or a PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electronic funds transfers.

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Personal identification number

A personal identification number (PIN, pronounced "pin"; is often spoken out loud "PIN number" by mistake) is a numeric or alpha-numeric password or code used in the process of authenticating or identifying a user to a system and system to a user.

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Point of sale

The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.

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Radio-frequency identification

Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects.

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Stored-value card

A stored-value card is a payments card with a monetary value stored on the card itself, not in an external account maintained by a financial institution.

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