June 1967 saw the World’s first ATM machine launched and heralded a transformation in the way people obtained and used cash. Fast forward five decades, and it is still going strong and June 2017 saw the site of the world’s first cash machine turned into gold to commemorate the 50th anniversary. There are now an estimated 3million ATM machines across the globe.
Where Did It All Begin?
Invented by John Shepherd-Barron, the world’s very first ATM was built and installed in a Barclays branch in North London (Enfield) 50 years on, and the rest as they say is history. There are now reportedly about 70,000 in the UK alone, which dispensed over £175bn last year in 2016. To celebrate the ATM’s 50th anniversary we are going to give some random facts:
Did You Know
- In the UK, there are 176.5 million cards that can be used to withdraw money at ATM cash machines.
- Twenty one years ago in 1996, the one-billionth cash machine transaction was processed by Link.
- Debit cards are the most-used card type to make withdrawals from cash machines.
- Early dispensers were designed to receive hole-punched vouchers allowing withdrawals of £10 each, which could be purchased by the customer from the bank and inserted in the dispenser when needed.
- Abu Dhabi and Dubai have cash machines that dispense coins and gold bars
- Actor Reg Varney from the famous sitcom “On The Buses” was the first person to use a cash machine back in 1967.
- ATM is an abbreviation for automated teller machine.
- The highest ATM is 15,397ft above sea level at the Khunjerab Pass in Pakistan.
- Lloyds bank registered the word cashpoint as a trademark 31 years ago in 1986.
- Barclays introduced the UK’s first talking ATM in 2012.
- ATMs are most popular on Fridays!
- The UK’s busiest ever day for ATM withdrawals was December 23, 2016, at £730million. (this figure is correct at the time of producing this blog)
- 92% of all £10 notes in circulation are from ATMs
Even though the last few years has seen a huge uptake of digital banking in the UK and a surge in debit and credit card payments, cash remains a crucial part for many people’s day-to-day lives. The UK has seen huge growth in the use of contactless debit and credit cards, and many industry experts are predicting cash will be overtaken as Britain’s most frequently-used payment method by the end of 2018. But the banking industry said the traditional ‘hole in the wall’ was evolving to keep pace with changing consumer habits. The team at Wireless Terminal Solutions would love to know your thoughts on the matter, contact us on the usual numbers.