World's first ATM celebrates its 50th birthday

Jun 28, 2017 16:27 IST

World's first ATM celebrates its 50th BirthdayThe Automated Teller Machine (ATM) marked its 50th anniversary on 27 June 2017.

The first ATM was opened on 27 June 1967 at a branch of Barclays bank in Enfield, north London, the first of six cash dispensers commissioned by the bank.

To celebrate the occasion, the British bank decorated the site of the world's first cashpoint in gold. A black-and-white picture of Varney using the ATM hangs above it, while a commemorative gold plaque has been placed on the bank wall.

World’s first ATM

The original cash machine was the brainchild of Scottish inventor John Shepherd-Barron, who was commissioned by the bank to create six cash dispensers, which based on vending machines.

The first person to use the inaugural ATM was actor Reg Varney, the star of a popular British TV comedy called "On The Buses."

Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with carbon-14 for machine readability and security.

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About Automated Teller Machine

An automated teller machine is an electronic telecommunications device.

It enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier.

According to the ATM Industry Association, there are around 3 million ATMs installed worldwide at present.

The world's most southerly ATM is at the McMurdo Station research base on Antarctica.

The highest is at 4693 metres in Pakistan's Khunjerab Pass near the Chinese border.

There is also an ATM inside the Forbidden City in Beijing.

Quick Digest

Who: World's first ATM

Where: London

What: Celebrated its 50th birthday

When: 27 June 2017

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Read more Current Affairs on: ATM , Automated Teller Machine , World's First ATM

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