In today’s fast-paced world, the need for cash arises frequently, and waiting in long bank queues is no longer necessary. This convenience is made possible by Automated Teller Machines (ATMs). Let’s delve into the origin of the idea behind ATMs and their evolution over the years.
What is ATM?
ATM stands for Automated Teller Machine, a device that facilitates banking transactions without the need for human tellers. It allows individuals to withdraw cash, check their account balance, and perform other banking activities conveniently.
Invention of ATM
The concept of the ATM was pioneered by American inventor and businessman Luther Simjian in 1939. However, the first automated banking machine was not widely accepted and was eventually removed. It wasn’t until September 1969 when Donald Wetzel installed the first ATM in the United States. The first cash-dispensing ATM was installed on June 27, 1967, in London. In India, ATM services began in 1987 when HSBC installed the first ATM machine in Mumbai, offering people the convenience of cash withdrawal and other banking services.
Different Names in Different Countries
It’s interesting to note that ATMs are known by different names in various countries. For instance, in the United Kingdom and New Zealand, they are referred to as “cash points” or “cash machines,” while in Australia and Canada, they are called “money machines.” In India, they are commonly known as “ATM machines.” Nowadays, ATM machines are widely available in every city in India, making cash withdrawal a hassle-free experience for people.
The ATM machine has revolutionized the way people access their finances, providing convenience and accessibility like never before. From its humble beginnings to becoming an indispensable part of daily life, the ATM continues to evolve, reflecting advancements in technology and banking services.