Interesting story of ATM Machine

As soon as we run out of money, we start looking for ATMs. People do not keep much money in their homes today because of ATMs. Which has reduced the fear of theft. People understand that they will withdraw money from ATMs when needed. ATMs have made shopping easier. There is no need to carry huge sums of money to buy goods. Payment is made by swiping from ATM card as per requirement. It would not be an exaggeration to say that ATMs have reduced the cash flow trend.

How the ATM machine was invented?

Credit for building the ATM machine goes to John Shepard Baron of Scotland. In fact, the story of the invention of the ATM machine is also interesting. The baron once went to the bank to withdraw money, but the bank was closed due to a few minutes’ delay. Due to which they could not withdraw money from the bank. Then one day while the baron was taking a bath, it suddenly occurred to him that when chocolate can come out of the wedding machine, why not money? It was with this in mind that he and his team invented the ATM machine to withdraw money.

Launch of the world’s first ATM machine:

The world’s first ATM machine was installed at a branch of Barclays Bank in London on June 27, 1967 in London, UK. Since then till today the network of ATM machines has spread in different countries of the world. Now ATM machines are working not only for giving money but also for depositing money. This has also reduced the burden of customers on banks.

Why only four digit PIN secure in ATM?

John Shepherd Barron wanted to keep the secret PIN of the ATM to 6 digits. But his wife believed that this could make it difficult for people to remember the PIN. People can forget the 6 digit PIN. Eventually, Barron obeyed his wife’s word and kept the ATM PIN to 4 digits only. The ATM PIN in circulation till date is of four digits only.

ATM Full Form (Extension Name)

ATM: – Automatic Teller Machine

ATM: – Automated Teller Machine

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