The world’s first ATM was available for business on June 27th, 1967. The machine was placed in a North London branch of Barclays Bank.
ATMs have changed a lot since the late 60s. Technology has advanced, needs have changed, but some things remain the same, the ATM is the best and easiest place to withdraw cash funds.
The ATM Appreciation Society, established in 2017, is the self-proclaimed, “Home of all the fun (and sometimes serious) stuff about the WORLD’s original fintech … the Automated Teller (Cash) Machine.”
The society’s website lists some fun facts about ATMS and cash, including:
- Roughly 10.6 billion cash withdrawals are made every month around the world. This equates to nearly 130 billion transactions every year.
- ATMs dispense a total of $14.1 trillion in cash every year. This equates to almost half-a-million dollars ($450,000) every second.
- In the US, a bank ATM averages more than 7,000 transactions per month. This is slightly higher than in Europe where an average ATM conducts 197 transactions every 24 hrs.
- The average consumer uses an ATM 75 times per year i.e a little more than once per week.
- A ‘next-gen’ deposit-taking, currency converting, cash recirculating ATM 2.0 uses more computing power than was available to NASA at the time of the first Moon landings.
- There are 360 billion banknotes in circulation, with 150 billion new ones printed each year. The US prints 38 million dollar bills every day.
To celebrate all things ATM, June 27th every year has been dubbed World ATM Day to celebrate the world’s first cash machine.
Party on, ATMs!