EFT technology is primarily used for which type of transaction?

EFT technology, or Electronic Funds Transfer technology, is specifically designed for the electronic transfer of money from one bank account to another, which is commonly referred to as electronic money transfers. This technology enables transactions such as direct deposits, online bill payments, money transfers between accounts, and various types of automated transactions that do not rely on physical cash or checks.

While credit card transactions involve electronic processes, they are primarily based on credit facilities rather than direct transfers between bank accounts. Cash transactions, by definition, involve physical currency and do not fall under the category of electronic funds transfer, as they typically do not utilize digital methods. Therefore, the focus of EFT technology is specifically on the secure and efficient transfer of electronic money, making it the most appropriate answer in this context.