What is the full form of ATM?
The ATM Full Form is an Automated teller machine. It is an Electronic Telecommunication Machine Which Allows Customers to Perform Financial transactions Without the Encouragement of a Bank Representative.
Anyone with Debit or Credit card can Perform Financial transactions Such as Cash Withdrawl, fund Transfer, Deposit and Balance Enquiry at Most of the ATMs Worldwide. According to ATMIA ( ATM Industry Association ) 2015, More than 3.5 Million ATM Are Installed Worldwide.
ATMs are valuable, It Allows the Account Holders to Perform a Self-service transaction. But In recent times the Usage of ATM has been Gradually Decreasing Because More people Prefer using Digital Currency over Paper Money.
The ATM is known by a variety of names in Different Parts of the World, Include ABM ( Automated Banking Machine ) or cashpoint and a cash machine. Usually, People Get Confused about ATM Full Form with Automated Machine.
How ATM Works?
Most ATMs World Wide are connected with Interbank Networks. This system helps the Customers to Withdrawl and Deposit Money with the Help of a Credit or Debit Card.
The Authorization of ATM is Depends on the Card Issuer or the Authorized Bank. Banks Usually Charge the ATM Usage Fees. Above all, If You are Not the Customer of the Bank that Operates the ATM, Then only You have to pay the Usage Fees. For the Same Bank User, all the ATM Services are Free.
Most importantly, the Automated teller machine or ATM is Directly Connected to the Banks ATM Controller or Dial-Up Modem. For Better Security and Safety of User Data, the Transactions Process is encrypted SSL ( Hypertext Transfer Protocol Secure ).
Fun fact – Macau Have the Highest Density of ATMs in the World at 254 ATMs per 100,000 People.
Use of ATM
The Early ATMs were Developed as cash dispensers, now ATM can Come up with Most of the Banking Services. In addition, From Money Withdrawl to Updating Passbook, Fund Transfer to Deposit, Everything can be done using the ATM ( Automated teller machine ).
In addition, ATM Make it simple for the Travellers to Access their Account in another Country. Countries where benefit from a fully integrated cross-bank network, ATMs offer Many other Services which Directly not Linked to Banks Management.
History of ATM ( Automated Teller Machine )
On 27 July 1967 the First ever ATM Machine was Put into Use by Barclays Bank in its Enfield Town branch London. The invention of ATM was Credited to the engineering team led by John Shepherd-Barron.
The Idea of Implementing the PIN Number in ATM card for Better Security was developed by a group of engineers Who were working at Smiths Group. This was one of the Turning points in the Banking & Financial Sector. Now the ATM Machine can Verify the Details of Customers Before Dispensing the Cash.
ATM ( Automated Teller Machine ) Importance
ATM Plays a Vital Role in the Community. Before the ATM was Invented the only way You can Get cash was by Visiting Your Bank and Fill the Withdrawl form. But with your Debit / Credit Card You can Get Money anytime Just by Swiping the Card at any Nearby ATM.
ATM ( Automated Teller Machine ) Provides Mobility in Different Banking & Financial Services. ATM Full Form, It Not Just Reduce the Work of Bank But It also Helps the Customer to Get Paper Money Easily.
ATM ( Automated Teller Machine ) is one of the greatest inventions in the Banking & Finance Sector. One of the main reasons why Banks Pushed Forward with ATMs was to reduce the Rush at Banks. It reduces the Cost of Banking Because They can Still offer different Services without even maintaining a physical presence.
We Hope In this article we have Cleared all Your Queries related to ATM Full Form, History, and Important. If You have any questions related to ATM, Feel free to share it with us in the comments below.