Do you ever deposit or withdraw money at an ATM? These machines have certainly made banking more convenient. But are you familiar with the history of ATMs? The first attempt at mechanical banking technology took place in New York in 1962 when an automated cash deposit machine was developed by Luther George Simjian. In May of 1966, James Goodfellow patented the Personal Identification Number (PIN), the code people use to access their personal account at ATMs. The first operational cash dispensing machine was made in Japan in July of 1966.
De La Rue Automatic Cash Systems (DACs), advertised in 1967 in Great Britain as “Barclaycash” and dubbed the “robotic cashier,” allowed customers to input a radioactive Carbon-14 paper vouchers and receive dispensed cash from their account. Things got more advanced in 1967 as plastic cards were brought into the picture. In Sweden, the Bankomat was created—this automated cash dispensing machine used optical device to read an encoded serial device on a plastic card to withdraw money from an account. In Great Britain, the CHUBB MD2 became the first automated cash dispenser to use a plastic card with perforated holes and read a PIN.
The U.S. also played a major role in the development and evolution of ATMs. The IBM 3614/3624 set the standard for online ATMs. The birth of independently owned ATMs and wireless ATMs took place in the U.S. Canada developed the first web-based ATM. To learn more about all of this, check out the infographic below presented by ATMmarketplace.com.
ATM History Lesson [Infographic]
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