Some points we Need to Know About Atm.

What is an ATM?

An ATM is an electronic banking device where a customer can do basic bank transactions like taking cash from it, and printer transaction details, without the help of a bank representative.

What is the meaning of ATM?

An ATM means an Automated teller machine, a banking channel that permits customers to complete basic banking transactions without the help of a branch public relations officer. We can take cash from ATMs through our debit cards or credit cards. When a customer uses the same bank ATM where his account holds, he may avoid fees on those transactions.

In today’s digital world ATMs plays a key role in helping every individual connects to the IT environment. Simply, taking cash from the machine by inserting one’s bank debit card or credit card into it.

History of an ATM

In 1967, in London, one of the branches of Barclay’s Bank introduce ATM. In the 1970s customers were allowed to use their bank cards (where he holds them to another bank ATM by using communication networks. The widespread of ATMs around the world in many major countries and even on tiny islands. In India, the first ATM was introduced in 1987 in Mumbai by HSBC bank, later in 1997 Indian Bank Association approved many ATMs with a secured network. There is a variety of names for ATMs in many countries. The fullform ATM is an automatic teller machine In the US as an automatic teller machine (ATM), and in Canada as an automated banking machine (ABM). Some other names like anytime money, cash line, cash dispenser, and so on. Non-Financial Institutions ATM is called a White-label. There are approximately 3.6 billion ATMs around the world. 

How do ATM work

Customers can use their ATM cards not only for cash dispense but also, they can use for other transactions like balance checking, and they can withdraw another’s country currency from their ATM card in another bank’s ATM, the withdrawal currency converted by the bank exchange rate. 

When an individual inserts his ATM card into the machine, first he/she should enter a PIN to ensure security measures. Then, he/she should complete all the prospects of the bank and enter how much money to be drawn. If all the entries of an individual are approved by the bank, then the machine gives the cash. An individual bank account is linked up to a computer with a secured network called ATM. The major parts of the computer machine an ATM where we can get cash are as follows: 

Card Reader: It is a device that reads every bank card information stored on the chip or magnetic stripe on the card. Many ATM cards are allowed to work with EMV (Europay-Mastercard-Visa) companies that created the standard. Cards like American Express, Mastercard, Visa, etc. use the EMV standards. Mastercard means a card with unbeaten or a card in an action bound to be successful. Mastercard is an electronic payment card.

Mainboard: It is an ATM processor which contains a CPU, and memory that connects all parts of the ATM.  

Display: A touch screen allows the user to touch the screen. It is a Liquid Crystal Display. 

Keypad: It allows the customer to enter a PIN (Personal Identification Number) for their transactions. 

Printer: Customers can get the printouts for their type of transactions such as account balance, and cash with drawls in the form of receipts. 

Cash dispenser: At the bottom of the ATM machine, there is a slot where we can dispense our cash. It helps us to collect our desired cash from the machine.

The two types of ATMs are

  • Basic Units Machine: Machine which allows customers to their money withdrawal and can get updated account balances. 

  • Complex Units Machine: The  Machine accepts customer deposits, makes an easy way for the line-of-credit payments, and so on. This facility is only for respective bank account holders.

Conclusion 

In the future ATMs are giving full bank services, so it becomes famous. Bitcoins ATMs are used for the cryptocurrency market. They are used for buying and selling crypto tokens like Bitcoin.