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.