Tuesday, June 27, 2017

50: ATM

From the DW:
"Golden ATM marks 50th anniversary of the cash machine"

The first cash machine in history was installed in the UK in 1967. Despite the rapid development of online payment, demand for cash has continued to grow.  The world's first ATM turned gold on Tuesday as Britain celebrated 50 years since the invention of the machine, revolutionizing banking around the globe. The Barclay's bank in Enfield unveiled the new cash point for the occasion, complete with red carpet. "To celebrate the ATM's golden anniversary - an iconic moment in banking - Barclays is turning the Enfield cash machine into a local landmark," the bank said. The ATM was the creation of Scottish inventor John Shepherd-Barron and first installed in Enfield in 1967, quickly followed by five others commissioned by Barclay's. Shepherd-Barron has said in interviews that he was inspired by chocolate bar vending machines while mulling how difficult it was to get cash after business hours. According to the Bank of England, despite the numerous new paths of payment offered by modern technology, demand for cash has continued to rise over the decades - peaking around Christmas 2016. Today there are about 70 billion pounds cash in circulation, compared to just 2.9 billion in 1967.

^ I didn't realize that the ATM was so old. I thought it was from the late '70s or the '80s. I remember when I was very little and went to a drive-up ATM (one of those stand-alone kind in the parking lot of a mall.) I asked my mom how the money came out and she said there was a little person inside that counted the money and then send it out. I gullibly believed her. ^


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