Unlike our forefathers, we have the privilege of not having to visit the bank each time we are in need of some handy cash. Thanks to Automated Teller Machine (ATM). Do you know when was the first ATM installed. Lets take a walk down the memory lane and find out who developed the first ATM and where was it installed.
The first Automated Teller Machine was installed on June 27, 1967 at Barclays branch in suburb of London. John Shepherd Barron who worked at De La Rue printing firm is believed to have come up with the idea of self service cash dispense machine. The reason behind him getting this idea is pretty interesting.
John usually visited the banks before the weekend to withdraw the visit. One fine day he got late to reach the bank and wasn’t able to withdraw the money. Back home , while in his bathtub he had this idea of why can’t there be machine that can dispense cash similar to chocolate vending machines. He decided to share this thought with the executive at Barclays bank. The bank accepted his idea and gave it a go ahead.
How did the first Automated Teller Machine worked?
To dispense cash from this first atm, one had to insert a cheque/ paper voucher which had radioactive inks printed on it. There was a pin mentioned on the cheque which was matched against the user’s bank account. Magentic coding was not developed at that time so plastic cards could not be used.
First ATM in US:
In United States, the first ATM was designed by Donald Wetzel which was installed in Sep, 1961. It worked on magnetic coding, hence plastic cards similar to the ones used today were used for transactions. This machine was deployed at Chemical branch of Long Island.
ATM recently completed 50 yrs, to celebrate this anniversary Barclays turned their first ATM into Gold.
Some interesting facts about ATM
- In 2017, there are more than 3 million ATMs. The no. is expected to cross 4 million by 2021.
- India has over 2 lakh operational ATM as on 2017.
- As per the availability of ATMs for every 1 lakh adults, South Korea has the max count i.e. 283 per 1 lakh adults.
- Afganistan has least count i.e. .78 per 1 lakh adults.
- India has around 18 atms per 1 lakh people.