EFTS - suggested policy notes

Notes following meeting with Building Societies Association and the development of Sainsbury's policy with regard to EFTS.

EFTS (Electronic Funds Transfer Systems), refers to systems for the electronic transfer of money. This includes EFTPOS (Electronic Funds Transfer at Point of Sale) systems, which are systems which allow the electronic transfer at the point of sale (ie the checkout), and which enable electronic payment with a credit or debit card. EFTPOS was introduced to Sainsbury's stores in October 1989 - initially only the Switch debit card was accepted by Sainsbury's, but from 1991 credit cards were also accepted.