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ATM Machine

History of ATM:-

Today, the ATM is one of the most familiar features of the retail banking
landscape. It allows customers to do much more than just withdraw cash. Let’s

take a look at some of the key developments that have made the ATM what it is
today.

The ATM made its debut at Barclays’ Enfield Town branch in north
London in June 1967. Its invention is credited to British inventor John
Shepherd-Barron. The story goes that Mr Shepherd-Barron saw vending
machines selling chocolate bars and asked why a similar machine couldn’t be
used to dispense cash.

Bank tellers issued paper vouchers with unique codes that allowed
customers to take out a maximum of £10 at a time.

In 1970, just a few years after the introduction of the ATM, the patent
was granted for British engineer James Goodfellow’s concept of a personal
identification number that could be stored on bank cards. This was a landmark
moment in the growth of self-service banking, as it allowed machines to verify
the identity of a customer without human intervention. The PIN system was
licensed by future entrants into the ATM market, such as NCR.

ATM in Present Days:-

When we need cash fast or want to make a deposit without walking into a
bank, an ATM machine is a quick option. It is also known as an automated teller
machine, they offer a great deal of convenience for people on the go. ATMs
have advanced over the years to offer more bank service options aside from
cash transactions. Besides deposits, we can purchase phone minutes, mailing

stamps, check our balance, and more. Various countries around the world offer
variations of ATM machines depending on currency and needs of foreign
travelers. While they offer convenient options there are issues they face regularly
including security and fraud.

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