If your bank account is open, you will have to have dealt with ATMs at one time or another. Instead of withdrawing cash from banks, people today prefer to withdraw cash from ATMs. What was the history of the first ATM in the world? When and where did it happen? Let’s now tell you what an ATM is, how it got started, and how many ATMs exist today. Please read the entire page until the end to get the complete story.
(Automatic Teller Machine), is the full form of ATM. It is the machine that withdraws money. ATM is the name of this machine. Automatic is the name given to it because it works automatically as a teller. It automatically counts money, and a machine is the same as a machine. ATMs are not all the same. ATM is also known as ABM in Canada. The word banking refers to “transactions of money” and ATM stands for Automatic Banking Machine. ATMs can be called many things, including Cash Point in some countries and Hole in the Wall in others. A hole in the walls means that there is a hole in the wall. You will have noticed that the ATM screen can be seen from the point where money can withdraw. How does an ATM get safety?
ATM Industry Association:
ATMIA is an acronym for ATM Industry Association. It is a joint organization that was formed in the various countries around the globe where ATMs are located. The association was founded in 1997 in the United States of America. This institution was established because, wherever an ATM is located in the world, if there are any problems or technical issues (technical faults), it reviews it and develops the organization around the globe. Keeps track of ATMs worldwide. According to ATMIA, there are currently more than 35 million ATMs. This number might seem a bit smaller, but there are 195 countries worldwide. 35 lakh ATMs in these 195 countries is a large number and will continue to increase. With the development of ATMs, separate machines have been installed to print transactions on the kiosk as well as a passbook that can be used for depositing and withdrawing money. The system will be almost entirely paperless.
First ATM and its inventor:
Luther George Simijian is credited for inventing the ATM. Citibank, the first ATM in the world, was founded in New York in 1961 by Luther George simjian. At the time, the ATM was called BanksGraf. Customers considered it safer and easier to transact through the form or directly to the bank. The ATM system didn’t get much fame. The ATM in Citibank of New York was taken down after six months. It was then assumed that the ATM was not financially viable in the banking industry. This confusion was dispelled in 1966 when an ATM in Japan was installed. The banks greatly benefited from this ATM. Installing ATMs allowed bank employees to have more time to do other work, resulting in a significant reduction in bank people. This led to ATMs being installed in other Japanese banks. Slowly, the service became more popular with people from other countries. ATM development in developed countries has been almost uniform from its beginning.
Security and full form of PIN
The full form of Atm PIN is (personal identification number) shared with the ATM card to ensure ATM security. You don’t have to share your PIN with anyone. You can withdraw money from your card at any time and anywhere you like. However, if you don’t have a PIN, you can’t withdraw your money even though you have access to your ATM and its amount. It is a 4-digit PIN, which is a security measure. To increase security, the wrong PIN cannot be used. Your ATM card will be blocked if you enter the wrong ATM PIN three times. ATM security currently involves PIN, but this technology is being gradually replaced by fingerprint-like technology. This will allow you to withdraw money using your fingerprint instead of an ATM PIN. To enhance security,