ATM celebrates Golden Jubilee

London, United Kingdom June 28: The Automatic Teller Machines ATM has completed 50 years in service. ATM was first developed in the United Kingdom. The history of the ATMs is as follows

* Barclays at its Enfield branch in north London on June 27th, 1967 has unveiled world's first automated teller machine (ATM).

* The ATM services were available to Ireland people from February 13th, 1980.

* ATMs were introduced to the India in the early 1990s by Foreign Banks.

Experts say that the ATM has withstood many challenges and survived because cash still plays a very important role in the people's lives.

However many Indian economists and experts feel that the usage of ATM in near future will be reduced because of the following factors.

* The rise of Digital transactions is a big challenge for survival.

* The maintenance cost of the ATM is increasing.

* The Cash is not being fully reloaded.

Finally, many people say that banks are opting new strategies to avoid the usage of ATMs so that their profits will be improved. Currently, there are 2.5 lakhs ATMs in India out of which 1.3 L ATM has already been shut and have not been reopened since PM Modi has announced demonetization.Let's hope that ATM survives and create many more records in coming years.