ATMs have become a part of our daily life, and our dependence on ATMs is increasing. Do you know 70-80 years ago, people didn’t know what an ATM was? You may also wonder who invented the atm machine and how it became popular. However, ATMs have a brief history with which most of us are unfamiliar. Therefore, this blog covers what people might need to learn about the history of atm machines.
- Who Invented ATMs?
Automated teller machines were absolutely a new concept in the 1960s when it was invented. Don Wetzel is potentially the first to develop this cash dispensing machine idea. However, the first ATM was installed in Newyork in 1969. Don was an executive at Decutel, a Dallas company. While waiting in line at the bank, his mind clicked with this idea. He later worked on it and gifted the world with innovative machines like ATMs.
From the streets of Newyork to revolutionizing banking, ATMs have come a long way. Moreover, there have been many evolutions of ATMs with time. Now you can witness multiple types of ATMs, i.e. portable atm machines, piggy bank atm machines, yellow label ATMs, etc.
- When Did ATMs Become Popular?
The popularity of ATMs today is visible to everyone, but it was not always like this. However, ATMs date back to the 1960s, but their popularity dates back to the 1980s. In the beginning, it was only a cash dispensing machine. Later, adding new features, i.e. receipts, account balance etc., made the ATMs more user-friendly.
Before the rise of ATMs, people visited banks regularly to withdraw cash. There used to be long lines, and people waited hours for their turns. The arrival of ATMs removed this wait. Now people can withdraw their cash anytime within a minute without waiting in lines. Therefore, people started using them regularly, and their popularity kept increasing.
Time passed, and now ATMs are everywhere. Just try searching “national bank atm machine locations.” you can see 100s of ATMs around you of just one bank. Similarly, if you search for other banks, i.e. “scotiabank atm machine near me.” or “royal bank atm machine.” you can surely see numerous ATMs around you.
At present, there are more than 4 million ATMs around the globe, roughly 40 ATMs per every 100000 adults. However, China stands on the top with more than 1 million ATMs in the country alone, followed by India and Russia. At the same time, Canada stands in the 9th spot in most ATMs worldwide ranking.
- Who Introduced PINs?
The machine asks for the PIN code whenever you withdraw cash from an ATM. Do you know who first introduced this personal identification number- PIN? You probably won’t know because the majority don’t know about this. John Shepherd-Barron was the first person to introduce this unique number.
John envisioned the six-digit code first, but his wife needed help remembering all the six digits. She could remember only 4. The 4-digit PIN became a common thing and got acceptance worldwide. Thanks to John, today everyone remembers their atm machine pin number in the first place.
- What are the Various Functions Of ATMs?
The basic aim of ATMs, indeed, was to dispense cash only. However, developers didn’t stop there only. They went on to add more features to this teller machine. As of today, ATMs can perform multiple tasks besides withdrawing cash. Most people need to learn about the other functions of ATMs. Therefore, we would like to mention a few.
- Deposit Of Cash: All the ATMs don’t support this feature, but most of them have this feature where you can deposit amounts without visiting a bank. However, a considerable number of people need to be made aware of this feature. Yes, you can use ATMs in both ways, either to withdraw cash or deposit cash. For a clear understanding, you can search “how to use atm machine to deposit money.” and watch some tutorials.
- Funds Transfer: Another handy feature of ATMs is that it lets you transfer your funds to your friends and family. However, this feature allows the users to transfer or send any respective amount to others without visiting the bank.
- Pay the Bills: Now you can pay your bills via ATM. ATMs now come with features to clear your bills, i.e. electricity bills, internet bills or subscriptions. Most people still do not know about this feature, but ATMs have this feature for sure.
ATMs have come a long way from just cash dispensing to having multiple features. Moreover, ATMs are for more than just services. You can even earn out of ATMs. Feeling amazed? Although it’s true, ATMs serve as an active and passive income stream.
Therefore Anyone can earn with ATMs but specifically merchants and retailers. When customers visit a shop, they look for ATMs to withdraw cash. Thus, merchants can place an ATM at their business place and earn a surcharge fee per transaction.
If you are a merchant and want to earn through an ATM, you must buy an atm. Try searching “where can i buy an atm machine.” for better deals at reasonable prices. Moreover, you can also get one on rent.
ATMs are surely our convenience. We are fortunate enough to witness all the evolving technology, and many more are to come. However, This blog has covered some in-depth info about the history of ATMs to help those who needed to learn about the history of ATMs earlier.