The Evolution of the ATM Machine

The Evolution of the ATM Machine

Since a couple of decades, technological developments have been transforming and advancing people’s lifestyles. When it comes to payment methods, you will agree that there have been some abrupt changes. From bartering and apparition of coins to credit/debit cards and online payments, payment methods underwent significant changes.

The changing patterns in consumer behavior led to the invention of ATM machines, which provide customers with easy access to basic cash transactions. Today, there are more than 400,000 ATMs installed across the US. You will find them in banks, shopping malls, lobbies, on street corners, at petrol stations, supermarkets, and in restaurants.

Eminent Founders of the Cash Machine

Not to mention, ATM units have been contributing in aiding customers to gain convenient access to cash since 1970s. From devising this incredible concept to revolutionizing the payment method, ATM founders played a great role. That said, let’s shed some light on the eminent creators of ATM machines:

Armenian Inventor -Luther George Simjian

Luther George Simjian

Luther George Simjian invented the first-ever ATM machine. Simjian prolifically created many inventions and hold more than 200 patents, including for ATM machines. Regardless of its ubiquity in the present, when Simjian invented ATM machines, these devices did not receive widespread acceptance. In addition, he also introduced the concept of Bankograph that allows customers to deposit cash at any time of day.

John Shepherd-Barron

John Shepherd-Barron

Proposed the idea of ATM machines at a conference, John Shepherd-Barroninstalled an ATM in a Barclay’s Bank in London. However, he never patented his invention and decided to keep it as a trade secret instead. You will be amazed to know that ATMs were called DACS back then. Note that, DACS stands for De La Rue Automatic Cash System. John Shepherd Barron was the managing director of De La Rue Instruments at that time. De La Rue Instruments was the first company to produce ATMs.

James Goodfellow

James Goodfellow

Known to hold the earliest patent for modern ATMs, James Goodfellow’s device included a numerical keypad and a readable encrypted card. His cash devices were installed in the United States in the 1960s. In addition, he invented the personal identification number (PIN) technology. Nevertheless, Goodfellow’s PIN and a plastic card became the portent of the ATM systems we recognize today.

Don Wetzel

The chief conceptualist and co-patentee of auto the teller machine (ATM), Don Wetzel coined the idea of ATMs. According to him, the idea came into his mind while standing in line at a Bank in Dallas. He was the Vice President of Product Planning at Docutel, which developed automated baggage-handling equipment. His first ATM was installed in the Chemical Bank, based in a New York City.

John D. White and Jairus Larson

The US Representative from Kentucky, John D. White invented the first free-standing ATM kiosk, first installed at the Rockville Center. Moreover, Jairus Larson invented the first online ATM device. His ATM system was integrated with the bank’s network.

Chemical Bank - The Yes Machine - an ATM Ad

Final Thoughts

At present, ATM machines are widely used not just in the US but all around the world. The ease of access and great convenience for instant cash withdrawals propel a huge stream of people to use ATM units every day.  

The notable change in consumer behavior expanded the use of ATM machines. For this reason, today, many businesses are installing reliable portable cash machines, like the ones from MOBILEMONEY. So, whether you’re looking for the latest mobile ATMs for your business or ticket redemption machines for your casino, look no further than MOBILEMONEY as they have a great collection of modern ATM units.

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