ATMs for 50 years

ATMs have been around for half a century since June. The first ATM was implemented in London, at a Barclay, but similar machines started popping up at other locations around Europe. The use of these machines have since made the ATM industry into what it is. With cash being the only form of medium to exchange goods for long amount of time, they have dominated as a way for people to get cash to spend.

The dawn of this machine led to more spontaneous spending, leading to businesses and vendors seeing an increase in revenue as well. This was another big cause of why there are so many ATMs around. Because it was unfeasible to have an ATM everywhere and choose who gets to own it, it also led to the invention of point of sale terminals that people could simply install in their stores.

This was also the time where tellers were the only source of cash. People had to stop by a physical bank to withdraw any cash they needed for the week and would allocate set amounts to spend. This proved to be inconvenient to customers, as the increased usage of ATMs and increased spending throughout Europe showed how people liked the convenience of ATMs.

Because of the surcharges in ATMs and the possibility of increased store revenues, many business owners invested in an ATM, allowing for the rapid expansion of ATMs throughout the world. Technology also got better and better, making customer access easier and less worrisome for banks. There is still a strong demand for ATMs and they will continue to provide customers access to cash for the coming years.