The Field translation module, part of the Internationalization (i18n) package, allows for translation of text associated with a field's settings including the help text, default value, and list options. Translation of these field settings can be added through the 'Translate interface' pages (Administration > Configuration > Regional and language > Translate interface). The translation of the field label is provided by the core Locale module.
For the translation to be displayed, you need to use some of the Field Formatters provided by this module whose name usually ends up in 'translated'. For most core fields it is Default translated.
Note: The Field translation module functionality is not the same as field-level translation, which is provided by the Entity Translation module.