Electronic transfer of money is the transfer of money with the aid of computer-based systems which are used to perform financial transactions electronically. It is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions. Such transfer can be cardholder-initiated transactions, where a cardholder makes use of a payment card or it may direct debit payments, in which a business debits the consumer’s bank accounts for payment for goods or services.
