What system allows electronic payments for goods or services purchased at retail establishments?

The system that enables electronic payments for goods or services at retail establishments through a direct connection to a bank account is the debit card. When a debit card is used, the funds for the purchase are withdrawn directly from the cardholder's checking account. This makes it a convenient way to pay without the need to carry physical cash.

While credit cards also allow for electronic payments, they involve borrowing funds up to a certain limit, which is then paid off at a later date, making them distinct from debit cards. Digital wallets facilitate electronic payments but typically serve as a digital representation of various payment methods, including credit and debit cards. Gift cards are preloaded with a fixed amount of money and are used specifically for purchases at certain retailers, but they do not directly connect to a bank account for payment processing, limiting their applicability in retail transactions.