The invention of the ATM card has a fascinating history. John Shepherd-Barron, a Scottish engineer, is credited with inventing the first cash dispenser in 1967.
Shepherd-Barron's invention was inspired by his own experience of being unable to withdraw cash from a bank due to the lack of staff.
The first ATM card was launched in 1966, but it was not until 1967 that the first cash dispenser was introduced.
The first cash dispenser was called the De La Rue Automated Cash System, and it was installed at a Barclays Bank in London.
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The Inventor
James Goodfellow is credited with inventing the ATM card, using a quarter of a "Hollerith" punch-card that contained just 30 bytes of data.
He patented the card and Pin ATM, but as a humble technician, he didn't own the rights and didn't get rich from his invention.
Goodfellow signed patents for 15 countries around the world and received a dollar for each, worth about £10.
He later worked for IBM and was inducted into the Scottish engineering hall of fame, alongside John Logie Baird, the inventor of the television.
John Shepherd-Barron, on the other hand, is often credited with inventing the ATM, but it was actually Goodfellow who patented the invention.
Shepherd-Barron's idea for the ATM came to him when he was late to withdraw cash from his bank and discovered the doors were locked.
He thought to himself, "If chocolate bars can be dispensed by vending machines, then why can't banks have a machine that dispenses money?"
ATM History
The invention of the ATM is a fascinating story that involves several individuals and a bit of serendipity. James Goodfellow, a humble technician, patented the first ATM card and Pin ATM, which was later licensed for millions.
The cards used in the early ATMs were made from one quarter of a "Hollerith" punch-card, the same size as today's credit card, and contained just 30 bytes of data.
James Goodfellow did not get rich from his invention, as he signed patents for 15 countries around the world and received a dollar for each, worth about £10.
The world's first ATM was installed on June 27, 1967, at a branch of Barclays Bank in Enfield, north London.
John Shepherd-Barron, the inventor of the ATM, got the idea for the machine when he was late to withdraw cash from his bank and discovered the doors were locked. This led him to think about dispensing money like vending machines dispense chocolate bars.
John Shepherd-Barron presented his cash machine idea to the chief general manager of Barclays Bank in 1965 and it was installed two years later.
James Goodfellow's contribution to the invention of the ATM has been recognized, and he received an OBE in 2006 for services to banking as "patentor of the personal identification number".
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Frequently Asked Questions
Who was the first man to use an ATM?
The first person to withdraw cash from an ATM was Reg Varney, a British actor best known for his role as bus driver Stan in the TV show On The Buses. He made history in using the first ATM in 1967.
Who was the first person to withdraw cash from the ATM?
Reg Varney, an actor, was the first person to withdraw cash from an ATM. He made history on June 27, 1967, at a branch in Enfield, London.
Sources
- https://www.bbc.com/news/uk-scotland-40416025
- https://nypost.com/2019/09/02/meet-the-man-who-invented-americas-first-atm-50-years-ago/
- https://www.theguardian.com/money/2016/apr/29/who-invented-cash-machine-james-goodfellow-first-atm-pin
- https://www.indiatimes.com/worth/news/did-you-know-this-india-born-man-invented-the-worlds-first-atm-627517.html
- https://atmdepot.com/articles/the-origins-of-the-atm/
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