On this day: On 27 June 1967, the first ATM was installed outside a branch of Barclays Bank in London. It was invented by John Shepherd-Barron.
The world’s first ATM (File Photo)
When people go to any country around the world, people get Automated Teller Machines or in simple language, ATMs are available. ATM has revolutionized the banking sector. Even though withdrawing money seems so easy in today’s era, but there was a time when one had to stand in long lines to withdraw money from the bank. But do you know that today is a very special day for ATMs. Actually, on this day the world’s first ATM was installed.
On 27 June 1967, the first ATM was installed outside a branch of Barclays Bank in Enfield, London. After this people did not need to go to the bank to withdraw money. People could now withdraw cash through ATMs. However, the thing to note here is that the ATM card was not invented at that time. Because of this, people had to put checks inside the machine and they could only withdraw the amount of 10 pounds at a time. Even though this amount seems low today, but during that time it was very high.
The idea of ATM came from the chocolate vending machine
John Shepherd-Barron is considered the inventor of the ATM. Actually, Barron invented the ATM because whenever he went to the bank on Saturdays to withdraw money, he had to stand in long lines. Many times he could not withdraw money due to the closure of the bank. On one such Saturday, he returned home after not being able to withdraw the money. While taking a bath that evening, he came up with the idea that if chocolate can be removed from a chocolate vending machine, then a similar machine should be made which will give money to people.
Technology not patented
Barron was an engineer by profession and had served in the army. Taking advantage of his experience, he designed a machine like a chocolate vending machine. In the absence of the card, people had to withdraw money through cheque. This ATM was installed outside Barclays Bank. Barron did not patent this technology. He believed that if he gets a patent, then hackers can take wrong advantage of this technology. For this reason, various claims are made about the inventor of ATM.
Banks were working to solve the problem of cash
At the same time, Bernardo Batiz Lazo, author of ‘History of the ATM’, says that several teams were working independently to eliminate the cash problem. Banks were actively considering to develop a machine to solve the problem of cash. Batij Lajo says that Barron would not have known that anyone else was working on a similar idea. But the banks knew this.
After the first ATM, this machine appeared in different countries
There is also evidence that such a device appeared in Japan even before ATMs were installed in the UK. A week after the ATM was installed in Barclays Bank, information about a cash withdrawal machine was also found in Sweden. A month later, Westminster Bank of Britain also put its ATM in front of the world. Gradually, ATMs started appearing in different countries of the world. This strengthened the point that for a long time banks were engaged in preparing machines like ATMs.
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