Do you use the ATM to withdraw or deposit money? As we live in the digital world where convenience is highly valued, ATMs have become a part of daily life. The ATM you use today went through an evolution to become what it is now. The first attempt at mechanical banking technology was an automated cash deposit machine developed by Luther George Simjian in New York in 1962. If you use ATMs, you must have your own Personal Identification Number (PIN)—this was patented by James Goodfellow in 1966, and he earned a measly $15 from the patent.
In 1967, the Bankomat in Sweden and the CHUBB MD2 in Great Britain would be able to handle plastic cards for cash dispensing purposes. In 1975, the IBM 3614/3624 would set the standard in online ATMs. The NCR 5070, developed in Scotland in 1984, was considered the first full-function machine that offered transfers, payments, printing of detailed statements and envelope deposits.
To learn more about the history and evolution of the ATM, check out the infographic below presented by ATMmarketplace.com.