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Introduction
The innovations in the world of computer, software, hardware, and microelectronic have resulted in a number of improvements in banking system and financial services.
As the philippine banking industry rides with the surge of computer advancement, more and more banks are promoting better service innovations to their clients through the use of Electronic Funds Transfer or EFT.
One of the major steps undertaken by
private and government financial institutions to improve and modernize their services is the introduction of electronic and computerized equipments in their operations.
Automated Teller Machine or (ATM) and point - of - Sale Terminals or (POS) are two of the most visible manifestations of EFT in the philippines. ATM and POS which are directly connected to financial computers are owned by financial institutions.
Automated Teller Machines (ATM) are
high technology Computer hardware that have changed the life style of people in the urban areas. Automated Teller Machines (ATM) have made convenience banking possible by allowing clients to withdraw, deposit, transfer funds. Or inquire about their balances anytime and anywhere (Paglomaton , 1991).
On the other hand, point - of - Sale Terminal or (POS) is cashless payment scheme that allows a card holder to buy on cash basis without having to carry cash
(Fact sheets on Electronic Fund Transfer [EFTs , 1991]). The amount of purchase is automatically transferred from the account of the cardholder to that of the store at point - of
- Sale (POS) which are located at the check - out counter of stores, hotels, restaurants, hospitals and other business establishments.