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A Brief Introduction to the Automated Teller Machine
Click to find out more are actually a routine part of banking transactions however when these were introduced in the 1960s, they were the height of technology.

The Automated Teller Machine (ATM) is currently such a normal section of daily life that it's strange to think it was ever cutting-edge technology. But in the 1960s, when the first cash-dispensing ATM was installed at a branch of Barclays Bank in London, it was revolutionary. What's more, on the decades, ATMs have become much more than simply cash dispensers. In addition they allow customers to handle a variety of banking activities, including deposits and mobile phone top-ups.

Considering that the ATM is this type of prominent feature in people's lives, it is critical to understand its background, technical development and its own capabilities. Here's a quick introduction to the ATM and its own global significance.

While the first card-accepting ATM was introduced by Barclays in London in 1968, this is not in fact the 1st incarnation of the automated teller. CitiBank, then referred to as First National City Bank, launched a version of the ATM called the Bankograph in American branches in 1960. This machine didn't let customers withdraw money but rather allowed them to cover bills without the assistance of bank staff. Moreover, Barclays' 1968 addition had not been foolproof and cards were regularly swallowed by these early ATMs.

Following these early developments, growth in THE UNITED STATES and Western Europe was rapid. In 1969, the initial machine to utilize magnetically encoded plastic was installed at Chemical Bank in NY, although initial take-up was slow as the running charges for these machines, known as Docutellers, outstripped the cost of hiring a human teller. However, because the modified Total Teller was introduced in the early 1970s, ATMs began spreading in banks across the two continents.

Today, ATMs have already been popularised around the world. Experts estimate that developed countries like the USA, Canada, the UK and Japan have a higher concentration of ATMs per capita, while steady economic growth in India and China has meant that the amount of bank machines in these countries has been growing within the last decade. However, it's not just the number of ATMs across the world that has increased but also its functions. And also withdrawing and depositing cash, modern ATMs also let you put credit on a cellular phone simply by entering your phone number of the keypad. Also, some machines enables you to pay money right into a beneficiary's account, while some will print mini bank statements of one's last few transactions.


Though ATMs are ubiquitous in wealthier countries, their relative scarcity in some regions - like the Middle East and Africa - means that the industry still gets the potential to grow. As https://coincoach.ca/members/chalkcoin8/activity/630238/ , ATM software and ATM applications come in constant development, as companies investigate the huge benefits and drawbacks of different platforms in varying environments.

However, as software changes, so too does concern over ATM security. Today's biggest worry for ATM industry professionals is how exactly to maintain the security of global systems beyond the original advice to consumers to keep their PIN secret. The development of chip cards and Chip and Pin technology has helped to combat ATM fraud but there are still advances to be made.

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