Electronic Funds Transfer (EFT) is a digital method of transferring money from one bank account to another without the need for physical checks or cash. This process allows individuals and businesses to send and receive payments quickly and securely through various electronic systems, such as automated teller machines (ATMs), online banking, and mobile payment apps. EFT is commonly used for direct deposits, bill payments, and online purchases. It enhances convenience by enabling transactions to occur 24/7, reducing the time and effort required for traditional payment methods. Overall, EFT streamlines financial transactions and improves efficiency in managing funds.