What is the full form of ATM?
ATM-related questions: What is the full form of ATM, What does ATM stand for, What is the meaning of ATM, How ATM works and what does ATM.
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The full form of ATM is an Automated Teller Machine. It is an electro mechanical machine that is accessed for the financial transaction from a bank account.
In this post, you will receive the complete answer to your queries: What is the full form of ATM, what does ATM stands for, what is the meaning of an ATM, How ATM works, and abbreviation of ATM, Who invented ATM in India, first ATM in the world and so on
ATM: Automated Teller Machine
ATM is useful to withdraw cash in case of emergency. It enables the clients to undertake the financial transaction.
The service of ATM is available round the clock for the ease of the customers.
Using an Automated teller machine, customer can access their bank deposits or credits accounts in order to make numerous other transaction most marked cash withdrawals but also check the balances.
There are two types of ATM
- One is with the basic function where you can withdraw cash
- Another one, with a more advanced function where you can also deposit cash money
Basic ATM Parts
ATM is an uncomplicated and straightforward machine. It attributes various input and output device to enable people who can easily withdraw cash
The basic input and output devices of an INPUT are given as below
The input device reads the data of the card which is stored in the magnetic strip on the back side of the ATM card
When the card is swiped or inserted into the given space the card reader captivates the account details and precede it into the server.
On the basis of the account details, and commands received from the user server allows cash dispenser to dispense the cash.
It enables the user to furnish the details asked by the machine such as personal identification number, amount of cash, receipt required or not
The PIN number is sent in the encrypted form to the server
Speaker- It is inbuilt in the ATM to procure the audio feedback when the key is pressed
It exhibits the transaction related information on the screen. It depicts the steps of cash withdrawal one by one in a sequence. It can be a CRT screen or the LCD screen.
It furnishes the receipt with the details of transaction printed on it to the customer.
It the key output device of the ATM as it disburse the cash.
The high accuracy sensors provided in the ATM permit the cash dispenser to dispense the correct amount of cash as required by the user.
How ATM works?
To access the ATM machines, what you need to do is insert the plastic ATM cards inside the ATM machines
In certain machines, you have to drop the cards, some machine allows swapping of cards.
These ATM cards consist of the credit details and other security information in the form of a magnetic strip.
When you drop or swap the card, the machine will obtain your account information and ask for your PIN number
After the successful authentication, the machine will permit the financial transaction.
What ATM does?
Now a day, ATM facilitates a lot of key services to its customer
Let’s check out what are they?
- Cash and Cheque Deposit
- Funds Transfer
- Cash withdrawal and balance inquiry
- PIN change and Mini statement
- Bill payment and mobile recharge
Important/Interesting Facts about ATM
Who was the Inventor of ATM? :- The Inventor of the ATM is John Shepherd Barron.
ATM PIN Number: John shepherd Barron thought to keep a 6 digit pin number for the ATM. But it was not easy for his wife to remember the long six digit pin so he decided to prepare 4 digits ATM PIN number
Which is the world’s first floating ATM – State bank of India SBI (Kerala)
Which is the First ATM in India – Installed by the HSBC (Hong Kong and Shanghai bank corporation
Which is the first ATM in the world – It was installed on 27th June 1967 at Barclays Bank of London
The first person who access the ATM– The famous comedy actor Reg Varney was the first person to withdraw cash from an ATM without having a bank account
Biometric ATM – Biometric ATM is used in Brazil.
As the name suggests, the users have to scan his/her fingers at these ATM before withdrawing money.
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