Compared to the plug-in charging system, Wireless power transfer (WPT) is simpler, reliable, and user-friendly. Resonant inductive coupling based WPT is the technology that promises to replace the plug-in charging system. It is desired that the WPT system should provide regulated current and power with high efficiency. Due to the instability in the connected load, the system output current, power, and efficiency vary. To solve this issue, a buck converter is implemented on the secondary side of the WPT system, which adjusts its internal resistance by altering its duty cycle. To control the duty cycle of the buck converter, a discrete fast terminal sliding mode controller is proposed to regulate the system output current and power with optimal efficiency. The proposed WPT system uses the LCC-S compensation topology to ensure a constant output voltage at the input of the buck converter. The LCC-S topology is analyzed using the two-port network theory, and governing equations are derived to achieve the maximum efficiency point. Based on the analysis, the proposed controller is used to track the maximum efficiency point by tracking an optimal power point. An ultra-capacitor is connected as the system load, and based on its charging characteristics, an optimal charging strategy is devised. The performance of the proposed system is tested under the MATLAB/Simulink platform. Comparison with the conventionally used PID and sliding mode controller under sudden variations in the connected load is presented and discussed. An experimental prototype is built to validate the effectiveness of the proposed controller.