Unfolding The Story: When & Where Was The World's First ATM Installed?
Have you ever wondered when and where the world¡¯s first ATM was installed? Read on as we unfold the mystery. The world's first ever ATM was installed on June 27, 1967, in the UK.?
No matter how much the world goes towards being cashless and transacting digitally, ATMs are still a crucial part of a country¡¯s banking system, right? Whenever we need cash, it's the ATMs where we rush to withdraw money.
But have you ever wondered when and where the world¡¯s first ATM was installed? Read on as we unfold the mystery.
When & Where Was The World's First ATM Installed?
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The world's first ever ATM was installed on June 27, 1967. It was unveiled at a branch of Barclays Bank in Enfield, north London.
Who Invented The ATM?
India-born British-Scottish inventor John Shepherd-Barron is credited with leading the invention of the ATM. He was born on June 23, 1925, in Shillong and died on May 15, 2010, in the United Kingdom.
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How Did The Idea Of ATM Come Up?
John's inspiration for the ATM came one Saturday in 1965, when he had gone into town to take some money out of his bank, but he had arrived one minute late and found the bank doors locked against him.
While taking a bath that evening with no cash left to spend, he wondered: if vending machines can dispense chocolate bars, why couldn't banks have a machine to dispense money? Later that year, he met with the chief general manager of Barclays Bank and pitched his idea for a cash machine. Nearly two years later, the world¡¯s first ATM was installed in June 1967.
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Which Person Made The First Cash Withdrawal?
The then-Barclays deputy chairman, Sir Thomas Bland, was given the honour of drawing back a velvet curtain installed for the purpose. English actor Reg Varney, who starred in the British TV comedy show ¡°On The Buses¡±, was the first person to withdraw cash from the ATM.
As mentioned in the Guinness World Records, after a celebrity-endorsed trial run, inquisitive customers were issued with paper cheques - in the days before plastic cards¡ªthat contained traces of the radioactive substance carbon-14 (aka radiocarbon), which the machine detected, enabling it to match a cheque to a four-digit pin number. Customers fed their cheques into the new device in return for a shiny, new ?10 note¡ª"quite enough for a wild weekend" in those days, according to ATM inventor John Shepherd-Barron.
What Happened On The ATM¡¯s 50th Anniversary?
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To commemorate the 50th anniversary of the world¡¯s first ATM¡¯s installation, Barclays transformed the ATM at its Enfield branch into gold, added a commemorative plaque, and placed a red carpet in front for its users in 2017.
Also Read: What Are White Label ATMs In India?
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