Automated teller machines (ATMs) are a common sight today, but many people are surprised that the first fully functional machine of this type was developed in the 1960s. In 1967, the first ATM was installed at a North London location of Barclays’ Bank. The machine, which was developed by John Shepherd-Barron, allowed customers to insert checks that had been impregnated with carbon 14, a slightly radioactive substance. The machine would then dispense £10 notes after the check had been approved.
More facts about ATMs:
- Cards with magnetic strips were first developed in 1969, paving the way for today’s modern debit cards.
- By 1994, more than 8 billion ATM transactions were being conducted annually in the United States.
- The most popular day for ATM use is Friday, because that is the traditional payday in many cultures.
- Most people use debit cards to make ATM transactions, but credit card use is not that far behind. On average, a debit card is used 5.9 times each month to withdraw money from an ATM, and a credit card is used 5.1 times per month to withdraw cash.
More Info: http://news.thomasnet.com
Free Widgets for your Site/Blog