The first machine dispensing cash money without operator involved – Automated Teller Machine (ATM, cash dispenser) was installed in Enfield, north London, on July 27, 1967.
The first machine dispensing cash money without operator involved – Automated Teller Machine (ATM, cash dispenser) was installed in Enfield, north London, on July 27, 1967.
According to Scot John Shepherd-Barron, an Englishman and a native of India, the inventor of the first in the world cash dispenser, the idea of invention has struck him when he saw a vending machine selling chocolates.
The main problem that many experts pointed out, namely – the verification of creditability of clients, back then was solved by limiting the sum of cash money being withdrawn to 10 pounds to one client.
The machine dispensed cash money in exchange for special voucher (check), so the cash dispenser was “card free” (the first card cash dispensers appeared only in 1973). However, a check in J. Shepherd-Barron’s device was protected by slightly radioactive and client-safe mark (isotope C14).
Not only a concept of a check with isotope mark (that was in fact the prototype of modern plastic card with magnetic stripe) was implemented in the device, but also a PIN code of 4 numbers was used for the first time ever. As the legend implies, the inventor choose 4 numbers PIN-code instead of 6 numbers because that was the combination that his wife could memorize.