The ATM full form is an Automatic Trailer machine. This is a very commonly used and widely accepted term.
The field of Science, chemistry, and the field of computer networking ATM has different full forms we have discussed later in this article.
History of ATM
On September 2, 1969. the first automatic teller machine (ATM) in the United States is operational, dispensing cash to customers at Chemical Bank in Rockville Center, New York.
ATMs went on to disrupt the banking industry by eliminating the requirement for fundamental financial transactions to be conducted at a bank.
By the 1980s, these money machines had become extremely popular, performing many of the activities traditionally performed by human tellers, including check deposits and account transfers.
ATMs are now as necessary to most people as cell phones and e-mail.
Several innovators worked on early prototypes of a cash-dispensing machine, but Don Wetzel, an executive at Docutel, a Dallas business that produced automated baggage-handling technology, is widely credited with developing the modern ATM concept.
Wetzel reportedly came up with the idea while waiting in line at a bank. The first ATM in New York was only capable of dispensing cash, but in 1971, an ATM capable of performing various duties, including providing clients’ account balances, was introduced.
ATMs ultimately spread beyond the bounds of banks and can now be seen in a variety of locations ranging from gas stations to convenience stores to cruise liners.
Different types of ATM
- Onsite ATMs are either located within the bank premises or in close proximity to the branch.
- Offsite ATMs are those that are not located within the branch premises but are instead found in locations such as shopping malls, airports, train stations, and gas stations.
- Worksite ATM-An ATM that is positioned within an organization’s grounds and is normally intended just for the organization’s employees.
- Cash Dispenser-Allows just cash withdrawals, balance inquiries, and mini statement requests, cash dispensers (CD) are commonly used as ATMs, however customers cannot deposit cash or cheques in a CD, whereas ATMs can be used for both cash withdrawals and depositing cash or cheques.
- The term “mobile ATM” refers to an ATM that travels to different locations to serve consumers. A few private banks have launched ATMs on wheels.
Parts of ATM
- Card reader – A card reader is a device that reads the account information encoded on the magnetic stripe on the back of an ATM/debit/credit card.
- Keypad – The keypad allows the cardholder to notify the bank what type of transaction (cash withdrawal, balance enquiry, etc.) and for how much money is needed. In addition, for verification, the bank requires the cardholder’s personal identification number (PIN). The PIN block must be delivered to the host processor in encrypted form, according to federal legislation.
- When a key is pressed, the speaker gives audible input to the cardholder.
- The display screen guides the cardholder through each step of the transaction procedure. A monochrome or colour CRT (cathode ray tube) monitor is often used in leased-line equipment. A monochrome or colour LCD is often used in dial-up devices.
- Receipt printer – The receipt printer prints a paper receipt of the transaction for the cardholder.
- The safe and cash-dispensing mechanisms are at the heart of an ATM. The entire bottom portion of the majority of compact ATMs is a safe that holds the cash.
Working of ATM Machine
- In the same way that a branch teller offers you the payment you request in the form of a cheque or a withdrawal form, an atm delivers you payment in the form of an atm card.
- The back of an ATM card features a black magnetic strip that stores the card’s information. The front-side card number (16 digits) is connected to your account. As a result, the account is linked to the ATM card.
- The ATM card has an ATM pin that may be changed at any moment, and the ATM has a computer in it that records the card’s details and activity.
- Internal atm operation facts are strictly confidential and cannot be shared.
How to use ATM
- To begin, you must have an account that permits you to withdraw money from a machine. Then you’ll need a card that’s been linked to that account and activated. Select a PIN (personal identity number).
- Then proceed to an ATM. Make sure no one can see your money on the ATM’s buttons. Insert your credit card into the slot. Then, as directed, select your account, enter your PIN, choose the amount of money you want, and decide whether you want a receipt/account balance. Wait for your card to appear and remember to collect your money and receipt.
- Finally, make certain that no one can see you tap your PIN.
What is ATM Card
An ATM card is a bank card that is used to gain access to an ATM. Almost everyone who has a checking account has a card that may be used at an ATM, such as a debit or credit card.
Some banks, on the other hand, issue ATM-only cards that cannot be used to make transactions.
Assume you have a bank account with a certain amount of money in it.
If you wish to withdraw money from your account, you must go to the bank and write a check.
To make this process easier, banks have developed a debit card. This card will be one-of-a-kind and connected to your bank account.
So, if you want to take money out of your account, simply use this card at an ATM to acquire cash.
This card can also be used at many retail locations where a swipe machine (PoS) is available.
A debit card is a payment card that takes money directly from a customer’s checking account to cover a purchase.
To make transactions, debit cards eliminate the need to carry cash or physical cheques.
Furthermore, when issued by major payment processors like Visa or MasterCard, debit cards, often known as check cards, provide the convenience of a credit card and many of the same consumer safeguards.
They do not allow the user to fall into debt, with the exception of modest negative balances that may occur if the account holder has signed up for overdraft protection.
Debit cards, on the other hand, frequently have daily purchase limits, so it’s unlikely that you’ll be able to make a particularly significant purchase with one.
What is CVV number in ATM card
A CVV number is a characteristic of credit, debit, and automated teller machine (ATM) cards that is used to verify the owner’s identification and reduce the risk of fraud.
CVV is an abbreviation for Card Verification Value. This number is necessary to conduct online purchases in order to authenticate that the user is in possession of the card, although it does not always imply that the user is the owner.
The only genuinely efficient approach to prevent theft of funds from an account to which the card is linked is for the owner to have the card in their possession at all times and never, ever give any of the information on the card to another party.
Benefits of using an ATM Card
- It is simple to obtain. When you open an account, most financial institutions will provide you a debit card if you request one.
- Convenience. Rather than filling out a paper check, purchases can be made using a chip-enabled terminal or by swiping the card.
- Safety- You are not required to carry cash or a chequebook.
- Accepted without hesitation. When travelling out of town (or out of the nation), debit cards are usually commonly accepted (be sure to notify your banking institution that you are leaving your city to avoid service interruptions).
How to keep your ATM card safe
When using an ATM card, keep your PIN SECRET!
- Change it on a regular basis.
- To keep your PIN secret, cover the keyboard with your hand when entering it into a POS or ATM.
- Check your savings/checking account balance on a frequent basis.
- Do not allow others to use your debit card.
How to take money from atm ?
ATMs connect your debit card to your checking account, giving you complete access to your funds.
To withdraw funds, simply follow these simple steps:
- Insert your card or scan a virtual one, then choose a language.
- Enter your card’s 4-digit PIN. It should be accepted, and you will be directed to the next screen;
- Select Withdrawal and input the required amount (you can also check your balance here before withdrawing money).
- Gather your cash and receipt (if you need one). Don’t forget to bring your ID.
You can withdraw cash from any ATM, regardless of whether you bank with the provider or not.
Withdrawing money from your bank’s ATMs is usually the cheapest option.
The majority of ATM suppliers impose fees (some will even charge you for checking your balance).
Keep this in mind so you can estimate the amount you will receive a following withdrawal.
Some ATMs allow you to deposit cash into your account, however, this varies by nation.
How to transfer money from ATM ?
- Visit any of the ATM Centers in your area.
- You can transfer to another account if you have an Debit card.
- Swipe the card in the ATM and choose a language.
- Enter the Pin and then press the next button.
Then you have the option of:
- Statement in Brief
- Registration via mobile device
- Inquiry into Balance
- Fixed Deposit and Transfer
- Click on the transfer option, then select the card-to-card fund transfer, enter the card number again, and click yes.
- Enter the amount to be transferred.
- Once you enter the amount, confirm it, and select current or savings account, the transfer from ATM is complete.
- The transaction takes 24 hours to complete.
How to generate new ATM pin ?
- When ATM card pins used to arrive by mail, it was a thing of the past. However, some banks continue to employ this method, but the procedure has grown much faster in recent years by utilising various methods to generate your pin for your cards:
- The next alternative is to generate your pin using your net banking by visiting to the account service menu, picking the generate pin option, and verifying the same by submitting your otp. In some circumstances, it may also ask for your ATM grid confirmation.
- The sms technique, which is rarely used, requires you to send a message to a specific defined number many times toll free and select your options accordingly, which is different or various banks.
- The final and least secure approach is to phone customer service or any other stated number and provide your card and other credentials for the same, as well as validate your date of birth or something.
Advantages of ATM
In today’s digital world, an ATM is a need, not a luxury. The following are the primary advantages of using an ATM:
- Cash deposits and withdrawals are available 24 hours a day, seven days a week.
- Transferring funds to another party is possible without going via a branch.
- You can make online purchases from the comfort of your own home.
- You can purchase rail, air, and bus tickets.
Which Indian bank was the first to install an ATM in India?
Diebold ATMs were used in the installation.
HSBC (Hong Kong and Shanghai Banking Corporation) was the first bank in India to offer the ATM idea in 1987.
In India, the majority of banks now have ATMs.
In 1967, John Shepherd-Barron, an inventor, erected the world’s first mechanical cash dispenser at a Barclays Bank branch near London.
De La Rue Instruments manufactured the machine, which utilized paper vouchers that had to be acquired in advance from tellers.
Interesting facts about ATM
1 Pin code (four-digit)
There’s a fascinating explanation for this. The following is a summary of the plot. In the 1960s, Shepherd-Barron, the ATM’s inventor, came up with a six-figure figure.
He did, however, discuss with his wife Caroline.
His wife, on the other hand, could only recall four digits, therefore it became the most often used length in many areas.
Banks in Switzerland and many other countries, on the other hand, demand a six-digit Pin.
2 ATMs with gold vending machines
ATMs not only disburse cash, but also gold.
The ATM gives out gold bars. A Gulf hotel has attempted to capitalize on the current gold craze by installing an automated teller machine (ATM) that dispenses bullion bars.
The machine’s exterior is coated with a thin layer of gold, and it offers customers 320 options, ranging from gold bars weighing up to 10 grams to customized gold coins.
3 ATM that floats
Kerala’s Kochi district is home to India’s first ‘floating’ ATM.
The State Bank of India has put an ATM in a Kerala Shipping and Inland Navigation Corporation-owned jhankar (ferry) (KSINC).
Between Ernakulam and Vypeen, Asia’s most densely populated area, the jhankar would run.
4 What if the entire ATM machine is stolen?
Some people don’t just want to take money from the ATM; they want to steal the entire ATM machine.
In that circumstance, the robber will be limited in his movement. It’s because the ATM has a chip and is also equipped with GPS.
If you can find the robbed ATM at all, that is.
5 Which day of the week has the highest number of cash withdrawals?
No, the busiest days for cash withdrawal are not Saturday or Sunday. The majority of people withdraw money from ATMs on Friday.
Anyone up for a weekend get-together?
6 Without a bank account, you can use an ATM
Yes! This is also a possibility. In India, however, this is not the case.
In Romania, you can make ATM transactions without having a bank account.
7 Biometric Pin/Password
The security of the ATM’s password is one of its most significant features. Biometric ATMs for secure banking transactions are one of these characteristics in Brazil.
8 At the highest point, there is an ATM
Nathu-La is home to the world’s tallest ATM counter. Union Bank of India runs it, and it’s located at 14,300 feet in Kupup.
The ATM, which is primarily intended for army soldiers stationed along the Sino-India border, also serves tourists.
9 The loneliest ATM in the world
In Antartica, you’ll find the world’s loneliest ATM. In the US research centre McMurdo Station, there are really two ATMs.
However, one serves as a backup, and only one ATM is operational at any given time.
What is ATM in Science?
The atm (short for atmosphere) is a pressure unit. In the internationally accepted standard atmospheric model, it is equivalent to the pressure at sea level.
If the air pressure is 1 atm, it signifies that it is the same as the standard pressure at sea level that we have agreed to use.
Because the real pressure in the air varies, the pressure is rarely exactly equal to 1 atm.
In terms of chemistry, what is the complete form of ATM?
The term “atm” in chemistry refers to atmospheric pressure.
It is the pressure exerted by the weight of the atmosphere, which has a mean value of 101,325 pascals at sea level (roughly 14.6959 pounds per square inch).
What is ATM in networking?
Another, and arguably more essential, connection-oriented network is Asynchronous Transfer Mode.
ATM was created in the early 1990s and debuted to enormous fanfare.
By combining Voice, Data, Cable TV, Telex, Telegraph, Carrier Pigeon, Tin Cans Connected by Strings, and everything else into a single integrated system that could do everything for everyone, ATM was supposed to solve the world’s networking problems.
It didn’t work. ATM was far more successful than OSI, and it is now used extensively within the telephone system, frequently for transporting IP packets.
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Frequently Asked Questions (FAQ)
1 What is milk ATM?
Customers should shop in busy shopping districts with retail establishments so that they may simply include milk in their shopping list while looking for other Milk ATM Machine Suppliers.
A business deal with supermarket owners to install these devices in their stores can result in positive sales outcomes, some of which can be shared with supermarket owners in a format that is mutually agreed upon.
If the infrastructure sharing plan with large retail outlets such as supermarkets is not feasible, stand-alone businesses that are adequately illuminated, well ventilated, and have consistent water and electric power supply can establish independence in the business.
The milk dispenser, often known as a Milk ATM Machine, is the most important machine for this business.
They are available in a variety of sizes and designs, including 150, 200, 300, 400, 500, 600, 200, and even 1,000 liters. They may dispense any denomination of milk in 100ml units and are chilled to preserve milk.
2 How does milk ATM work?
This type of company necessitates a location with a daily active milk market.
Most people who buy milk also need other products like bread, eggs, sugar, and so on, thus your milk vending machines should be located in or near a shopping centre in a busy shopping area.
A supermarket, for example, would be an excellent location. Approaching a supermarket or a micro mart with this suggestion would be a fantastic move for you as an entrepreneur because they are areas where a large number of people buy.
Make a revenue-sharing agreement with your partner.
If this proves difficult, you can always rent your own shop in the area or in any other area with foot traffic.
You are open for business as long as the room is orderly and clean, with appropriate ventilation and lighting, as well as clean running water.
3 What is water ATM?
A Water Vending Machine is a coin-operated water RO (reverse osmosis) machine that may be deployed in any public or private location to provide healthy water at the most reasonable costs and with the most ease.
Providing clean, cool drinking water at a reasonable cost throughout the day is a wonderful idea for all public areas. It reduces the cost of Bottles, Botteling, Transportation and logistics, Storage.
3 What is fruit ATM?
The Smart Fresh Juice Vending Machine is a revolutionary concept for selling fresh juice to customers with little or no overhead.
This is sanitary equipment for serving freshly squeezed juice to your customers.
After each procedure, the machine cleans the system automatically to ensure that the juice for each vending is of high quality.