The invention relates to an electronic fund transferring system and method based on a payment terminal identity authentication control mechanism. The system comprises an identity authentication control card, a payment terminal, a payment terminal identity authentication safety control system, an integrated payment access management platform and a marketing service application system. The method includes the specific steps that (1) a terminal fund transferring person logs into the system; (2) the identity authentication control card is wiped at the payment terminal, and a password is entered; (3) password information is transferred into the payment terminal identity authentication safety control system, whether feedback information is coincident with encrypted data stored in a system database or not is judged, if the feedback information is coincident with the encrypted data, identity authentication is successful, and fund transferring is started, and if the feedback information is not coincident with the encrypted data, the step (1) is executed; (4) after fund transferring is completed, stopping information is fed back into the marketing service application system through the integrated payment access management platform; (5) a fund transferring task is completed. According to the electronic fund transferring system and method, the payment terminal identity authentication safety control system is constructed, and the aim of fund transferring task data transformation automatic processing is achieved.