The ATM is one of the most popular among modern day inventions.
ATM, also known as the Automated Teller Machine, is an electronic telecommunications device that enables the customers of a financial institution like that of a bank, to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk, or bank teller.
Authentication is provided by the customer entering a personal identification number or PIN.
It is believed that there were many such devices in many of the countries in the last century, especially one in Japan, but little is known about the Japanese device. Luther George Simjian has been credited popularly with developing a ‘prior art device’. The device was known as bankograph.
The idea of a PIN stored on the card was developed by a British engineer named James Goodfellow in 1965.
It is widely accepted that the first cash machine was put into use by Barclays Bank in its Enfield Town branch in London, United Kingdom, on 2yth June 1967.
Today, the ATMs are so pop. ular that even remote areas are serviced by these machines. Do you know that there are two in Antarctica?