Golden cash machine marks 50th birthday of the ATM

LONDON - When British inventor John Shepherd-Barron applied his mind to finding an easier way to access money while traveling, he likely did not predict how universally his idea would be accepted.

He looked at the ubiquitous chocolate bar dispenser found at railway stations throughout the United Kingdom, and reasoned that the same delivery method could be adapted to issue money.

His idea resulted in the first ATM, or automated teller machine, being unveiled on June 27, 1967, outside a branch of Barclays Bank in Enfield, North London.

Fifty years later, there are 3 million ATMs worldwide - with China home to almost 50 percent of them, according to World Bank statistics. Self-service cash machines are used for around 8.6 billion withdrawals a year.

By using either a debit or credit card, bank account holders can use a simple pin code to withdraw cash, or check balances, anywhere in the world, avoiding the need to join a queue at a counter.

To mark the golden anniversary of the first ATM, Barclays has painted gold the modern-day Enfield cash machine.

Although ATMs remain popular - and convenient - the use of cash is declining in many areas, according to Bank of England Chief Cashier Victoria Cleland.

She said 94 percent of British adults use cash machines, with cash accounting for almost half of transactions.

chris@mail.chinadailyuk.com