ATM is the basic need in the current era for a common man. In this article, we will learn about What is ATMs and How it was started. So, let's start.
There is a machine that allows us to withdraw cash with the help of a debit or credit card issued by our bank. A common person has many questions in his mind regarding ATMs, the answers to which we have given in this article.
The full name of ATM is 'Automated Teller Machine'. ATM is also called Automatic Banking Machine, Cash Point, or Bancomat and before its use, ATM was also known as Bancograph. ATM is an electronic device which is used only by the customers of banks. ATM provides a special plastic card to the users to access the account, in which the information related to the user is already written on a magnetic strip on the back side of that card.
John Shepherd-Barron is a British inventor who led the team that installed the world's first ATM. This ATM was installed in 1967, which is described in the next question.
By the way, American Luther George Simjian also started work on making an ATM-like machine in 1930. He had also registered 20 patents in this regard, but he failed to install ATMs for any bank.
The first ATM in the world was installed by England's Barclays Bank. The bank installed this ATM on 27 June 1967 in Enfield town of North England.
The first cash withdrawal from this ATM machine was done by an English actor Reg Varney. At that time his age was 51 years.
ATM facility was started for the first time in India in the year 1987. The first ATM in India was installed by HSBC Bank. This is not an Indian bank but a foreign bank, whose headquarters is located in Hong Kong. The full name of HSBC Bank is- The Hong Kong and Shanghai Banking Corporation.