ATM full form is Automated Teller Machine. It is the machine that dispenses cash and performs many non-financial activities like balance enquire, mini statement, atm pin generation, fund transfer, etc.
ATM was invented by John shepherd-Barron. THE first ATM was installed in June 1967 at Barclay’s Enfield Town Branch.
Types of Automated Teller Machine
- ONSITE ATM-These types of ATMs are operated by bank branches inside bank premises.
- OFFSITE ATM-These types of ATMs are operated by bank branches outside bank branches.
- WHITE LEBLE ATM-These types of ATMs are operated by nonbank institutions.
- BROWN LEBEL ATM-These types of ATMs are set up by the bank and operated by nonbank institutions.
- BIOMETRIC ATM- These types of ATMs are set up for illiterate customers.
- TALKING ATM- These types of ATMs are set up for blind customers.
- PINK LEBEL ATM- These types of ATMs are set up for women.
- GREEN LEBEL ATM- These types of ATMs are for agricultural transactions.
- YELLOW LEBEL ATM- This type of ATM s are for E-commerce
- ORANGE LEBEL ATM- These types of ATMs are for share transactions.
Nowadays recyclers are replacing ATM machines. Recyclers are a combination of ATM and CDM machines. So Recyclers use it for cash deposits as well as cash withdrawals.
Automated Teller Machine(ATM) landed on the high street at Enfield, the suburb of London, in the division of Barclays bank and there’s still a blue plaque on the outside of the building, still, a Barclays, To memorialize this payment dispenser’s June 27, 1967, beginning.