Inventor of ATM is No More

Posted In World - By NitiN Kumar Jain On Friday, May 21st, 2010 With 0 Comments

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John Shepherd-Barron, inventor of ATM (Automated Teller Machine) has died after a short illness at the age of 84.

An Automated Teller Machine as is explained by wikipedia is:

a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).

The first cash dispensing machine was installed at Barclays Enfield branch in London June 27, 1967.

The businessman, who worked for a printing firm at the time, came up with the concept of a self-service cash dispenser in 1965 while lying in the bath after getting to his bank too late to withdraw money.

“It struck me that there must be a way I could get my own money, anywhere in the world or the United Kingdom. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash,” he had said in a 2007 interview.

Reg Varney, a star that time, became the first person to withdraw cash from ATM.