5 days ago
Who invented world's first ATM machine? When did ATM come in India? the first ATM machine was set up outside...
Exactly 58 years ago, on June 27, 1967, the world saw its first ATM (Automated Teller Machine) installed in Enfield, a town in London. The machine was set up outside a branch of Barclays Bank and was named 'Barclaycash.' The opening ceremony was done by Reg Varney, a popular British actor at the time from the hit TV show On the Buses .
At first, the ATM allowed people to withdraw only up to £10 at a time. Still, it was a big deal because it gave people the freedom to take out cash even when banks were closed, and slowly, it started changing the way the world used banking services. Who invented the ATM machine?
The ATM was invented by John Shepherd-Barron, who was born in 1925 in Shillong, a city Meghalaya. His idea came from a very ordinary problem i.e. he once needed cash but couldn't get it because the bank was closed.
That's when he thought: 'If vending machines can give out chocolates, why can't we have one that gives out money?'
Inspired by this thought, he shared the idea with officials at Barclays Bank. They liked it, and two years later, the first ATM became a reality. How ATMs have evolved over time
ATMs in India have come a long way. They no longer just give out cash. Modern machines also offer: Bill payments
Cheque deposits
Mini statements
Balance checks
Cardless transactions
Contactless services
These upgrades have made banking even easier and faster for people. What started as a simple cash machine has now become a powerful tool for everyday banking in India.
