Industry WIKI

Electronic benefit transfer (EBT) is an electronic system used in the United States that allows state welfare departments to issue benefits via a magnetically encoded payment card. It reached nationwide operations in 2004.

A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made volun