A system for electronic funds transfers (EFT)in which machines are located in a merchant's store and are activated by the consumer's identification card and code is known as:

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POS (Point of Sale) terminals are used for electronic funds transfers in which machines are located in a merchant's store and are activated by the consumer's identification card and code. RAM (Random Access Memory) is a type of computer memory, EFTA (Electronic Funds Transfer Act) is a US law regulating electronic funds transfers, and CHIPS (Clearing House Interbank Payments System) is a US-based electronic funds transfer system used for large-value, time-critical payments.

A System for Electronic Funds Transfers (EFT)in Which Machines Are