50 And Counting!!!

In today’s world where life is moving at a fast pace, the human being prefers to access money whenever he requires it. Many customers are choosing banks which would provide them Automated Teller Machine facility. The ATM is a machine which facilitates banking transactions and makes the customer’s life pretty easy.  So when exactly did ATMs come into existence?
  • Around 50 years back, the first ATM was installed by Barclays in London. Since then ATMs have made life simpler.
  • The use of ATMs is growing day by day. In India itself, the monthly volume of transactions is almost 700 million.
  • Countries like Russia, US, UK etc. have more than 1000 ATM’s per million population.
  • In India, Bank of India was the 1st public sector bank to install an ATM. ATMs have been around in India for almost 30 years.
  • Interoperability of ATM is one of the unique features of payment systems in India. I.e. a customer can walk into any ATM in the country and carry out the transactions.
  • They also provide value added services like PIN change, mini statement, funds transfer etc.
  • Even with the digital payment systems now being used extensively, extinction of ATMs is not possible as they play a key role in the banking business.

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