ATM full form
Automated Teller Machine
What is the full form of ATM?
ATM full form is Automated Teller Machine. It is a computerized machine that allows customers to perform financial transactions without the need for a bank teller. These transactions may include withdrawing cash, depositing checks or money orders, and transferring money between accounts.
History of ATM
ATM machines are an important part of today’s society. They provide a number of services to the bank clients, such as cash withdrawal, deposit, and transfer between accounts or account types.
Despite their importance, there is not much information about ATM history available. We will try to fill this gap in this article by describing how ATM machines evolved over time.
The first machine was installed in 1967 by Barclays Bank in Enfield Town Shopping Centre near London (UK). It can be considered the birth year of ATMs that stand for Automated Teller Machines.
The inventors were John Shepherd-Barron and his colleague Donald Wetzel who came up with ideas on how to improve service provided by banks at the time when they were understaffed.
The first machines were pretty big, about the size of a small room, and could only dispense cash. They also had to be emptied by hand on a regular basis as they could not hold large sums of cash.
The first ATMs were also quite expensive to operate, so banks were not very keen on using them. Nevertheless, the first ATM was seen as a success and within months it has attracted around 50 000 users.
Basic Parts of ATM
With an ATM, you can easily withdraw or deposit money. The machine contains input and output tools for the convenience of use from either location in your life – home or on the go!
Card reader An ATM card is inserted into the machine and data from its magnetic stripe are read. The account number is sent to a server, which then decides how much money should be dispensed for that transaction based on what you’ve entered beforehand- either in cash dispenser or via keypad where customers SAVE THEIR CUSTOMERS INFO!
Keypad– You can use it to enter your PIN and do other tasks like selecting menu options on the screen.
Speaker- It gives the ATM a voice and is used for instructions.
Camera- It lets you check your account balance by taking a picture of the front and back of your check.
Bag Deposit Slot- You can use it to deposit money or checks in the ATM.
Cash Dispenser- The cash dispenser gives out cash when you enter the correct amount.
Coin Slot- You can use it to deposit coins into the machine.
Receipt Printer- The receipt printer prints a receipt for you to keep as a record of your transaction.
Card Reader- The card reader is inserted into the ATM’s slot to read your bank card.
How Does an ATM Work?
When you go to an ATM, you will need to do a few things before you can start using it:
1) Swipe your debit or credit card through the card reader. This will allow the machine to know how much money you have in your account.
2) Enter your PIN into the keypad. This will allow you to access your account and make transactions.
3) Select the option to withdraw or deposit cash. You will need to enter your desired amount in most cases.
4) Review your transaction history on the screen. If you have any questions, you can ask a teller at most banks for help!
Evolutions of ATM
The way people use ATMs has changed over time. They are now not only used for withdrawing money but also depositing checks, transferring money between accounts, and more!
Here are some improvements that were made in ATM technology over the years:
1) The first machines dispensed cash after receiving a special card that had to be inserted into the machine. It was replaced with ATMs that would only dispense money when they recognized a personal identification number (PIN) after a bank card was inserted.
2) The first ATMs only supported English and were operated by one person. This caused long lines to form at machines, but they gradually became multilingual in the 1990s which meant that multiple people could use them at once.
3) The ATM started dispensing cash through an envelope in 1974. They then enabled customers to receive their money without envelopes in 1988 which allowed for more efficient transactions.
4) The invention of video teller machines in 1995 has made it possible for banks to provide services when they are closed or understaffed. These ATMs will connect live with a human assistant via webcam who can assist you with your transaction!
5) The introduction of mobile ATMs in 2003 has made it possible for banks to deploy machines in areas that are not easily accessible, like rural locations or festivals.
6) ATM manufacturers have started developing machines that use biometric authentication such as fingerprint scanning and retina recognition to increase security. This means that you will no longer have to remember a PIN number – you can simply use your fingerprint!
7) In some cases, ATMs will allow you to withdraw cash in different currencies. For example, if you are traveling abroad, you can withdraw the local currency from an ATM.
8) In recent years, the number of ATMs that offer contactless payment has increased. Contact payments allow customers to make transactions by waving their bank cards at a reader.
atm full form
atm full form
atm full form