What is the full form of ATM? Automated Teller Machine

ATM

  • cash withdrawal,
cash deposit,
  • cash transfer,
mini statement,


full form of ATM

What is the full form of ATM?

Automated Teller Machine
Automated Teller Machine


The full form of ATM is Automated Teller Machine, is an electronic telecommunication device that enables the customers of financial institutions to perform financial transactions like cash withdrawal, deposit, money transfer, balance enquiry or account information enquiry at any time. without the need for time and direct contact with bank employees.

ATMs are known by many names in the United States, including Automated Teller Machines (ATMs).

Using ATMs, customers can access their bank deposit or credit accounts to perform a variety of financial transactions, most notably to withdraw cash and check balances, as well as transfer credit to and from mobile phones. . ATMs can also be used to withdraw cash abroad.

By 2015, there were close to 3.5 million ATMs installed worldwide. However, the use of ATMs is gradually decreasing with the increase in cashless payment systems. [Source]

History[full form of ATM]


A cash machine is used by Barclays Bank at its Enfield Town branch in North London, United Kingdom on June 27, 1967. The machine was inaugurated by English comedian Reg Varney.

This example of invention is attributed to the engineering team led by John Shepherd-Barron of the printing firm De La Rue, which was awarded an OBE in the 2005 New Year’s Honours.

In US patent records, Luther George Simjian is credited with developing the “pre-art tool”.

The online version of the Swedish machine is listed to be operational on 6 May 1968, while it claims to be the world’s first online ATM.

in 1970. The collaboration of a small start-up called Spetech and Midland Bank developed a fourth machine that was marketed by Burroughs Corporation in Europe and America after 1969.

The patent (GB1329964) for this device was filed in September 1969 (and granted in 1973) by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappelle, Sean Benjamin Newcomb, and Malcolm David Rowe.

The idea of ​​a PIN stored on a card was developed in 1965 by a group of engineers working at the Smiths Group on the Chubb MD2 and is attributed to James Goodfellow.

A Chub-built ATM appeared in Sydney in 1969. This was the first ATM installed in Australia. ATMs spread around the world within a few years, gaining a foothold in every major country. They can now be found in small island nations such as Kiribati. Currently, there are over 3.5 million ATMs in operation across the world.

ATMs can be placed anywhere, but they are often placed near or inside banks, shopping centers/malls, airports, railway stations, metro stations, grocery stores, petrol/gas stations, restaurants and other places. ATMs are also found on cruise ships and some US Navy ships, where sailors can withdraw their pay. [Source]

In recent times, countries like India and some countries in Africa are setting up ATMs in rural areas, which are powered by solar energy. [Source]

You need to insert the plastic ATM card inside the ATM to start operating the ATM. You have to insert your cards on some machines and some machines require card swapping. These ATM cards have your account details and other security information on a magnetic stripe. When you drop or swap your card, the computer receives details about your account and requests for your PIN number. Once the authentication is validated, the machines will allow cash transactions. [source]

cash deposit,

cash withdrawal,

cash transfer,

statement of accounts,

mini statement,

regular payment of bills,

account balance details,

prepaid mobile recharge,

Change PIN Code [source]

ATM service is available 24*7.

In this article of full form of ATM, we have shared the information with you with full form of ATM.




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