The term covers a number of different concepts;
Cardholder-initiated transactions, using a payment card such as a credit or debit card
Direct deposit payment initiated by the payer
Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services
Wire transfer via an international banking network such as SWIFT
Electronic bill payment in online banking, which may be delivered by EFT or paper check
Transactions involving stored value of electronic money, possibly in a private currency