21 October 2017
visit www.avoka.com

Barclays celebrates golden anniversary of the ATM

27 June 2017  |  8558 views  |  10 Barclays gold ATM

Barclays Bank has given the ATM at its Enfield branch a lick of gold paint to commemorate the 50th anniversary of the cash machine.

The installation of the first ATM at the London borough paved the way for a revolution in the distribution of cash to consumers and spawned a global industry, with three million of the ubiquitous machines now in operation across the world.

Raheel Ahmed, head of customer experience at Barclays, comments on the golden anniversary: "Even though recent years have seen a huge uptake of digital banking and card payments, cash remains a crucial part of most people's day-to-day lives - whether it is paying for groceries or doing the office coffee run - and we're very proud of the role that Barclays has played in the history of the cash machine."

A total of £180 billion in notes were dispensed from the UK's national network of 70,000 cash machines last year.

Lu Zurawski, payments lead at ACI Worldwide expects to see an ongoing evolution in the use of cash machines as the ATM adapts to the trend for mobile banking and ushers in a new era of cardless cash withdrawals.

“I don’t see the ATMs heading for retirement any time soon," he says. "As well as being ubiquitous and simple to use, some people prefer hard cash as a deliberate way of controlling their spending. It shouldn’t be a surprise that ATMs remain so popular - they’re an incredibly successful piece of social technology. The trend towards regional bank branch closures may put an even greater emphasis on the role of the ATM, including services beyond simple cash withdrawal.”

His views are disputed by German bank Fidor, which continues to bang the drum for a cashless utopian future. Sophie Guibaud, VP of European expansion at Fidor says: “Now with the ATM turning fifty, it's time we accepted a new reality that cash has reached its final days and the future is cashless, in more developed countries to start with. While ATMs should be fondly remembered, thanks to today’s rapid technological advances, we’ll soon feel the same about those days when we carried cash around with us too.”

Comments: (10)

Melvin Haskins
Melvin Haskins - Haston International Limited - | 27 June, 2017, 10:20

As someone who worked nearby and banked with Barclays at the time I used the ATM when it first appeared. What is not mentioned in this article, or any other article in the press, is that it did not use plastic cards. You were sent five ten pound cheques in the post and you then inserted the cheques in the machine to get ten pounds out. The cheques had paper tape punched holes through the middle and your sort code and account number in MICR along the bottom.

2 thumb ups! 2 thumb ups! (Log in to thumb up)
Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 27 June, 2017, 13:09

Disagree with Fidor 's view as till the last country on earth using Cash, we may not call it for final days for Cash.

Each culture, society and country has it's own transition to adopt new changes whether it's technology, finance or any other thing. You can imagine a scenario - Your Wallet can be hit with ransomware and to release it need to pay let us say 50% of value....new way of e-bugglers...do you feel it's safe to use digital wallet or Cash?

Note: Before answering imagine you are struck with this situation while paying for Taxi or Hotel away from Home !!

2 thumb ups! 2 thumb ups! (Log in to thumb up)
Lu Zurawski
Lu Zurawski - ACI Worldwide - London | 27 June, 2017, 13:23 Perhaps Sophie is right. As a payments nerd I really hope so. I need to travel back from Copenhagen via Hamburg tomorrow. So I will conduct a Hamburger taxi driver cashless society opinion poll and report back on how close we are to end of ATM.
Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Melvin Haskins
Melvin Haskins - Haston International Limited - | 27 June, 2017, 16:31

I was under the impression that Germany is the biggest user of cash in the Western world. It is the Germans who insist on the continuation of the printing of the 500 Euro note, the largest note in circulation in Europe. If you want to get rid of cash. get rid of large value notes

2 thumb ups! 2 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 27 June, 2017, 18:38

South Korea is widely acclaimed to be years ahead of the ROW in mobile payments. But it still has the highest ATM density in the world! (Source). Looks like Fidor hasn't heard of this.

On a side note, from personal experience, all coffee shops (and cafeterias) inside Barclays premises went cashless nearly 10 years ago. Not sure whyMr. Raheel Ahmed, head of customer experience at Barclays, thinks you need cash for the office coffee run - cash is not required inside his office at least for that purpose, for sure!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 27 June, 2017, 18:42

@MelvinHaskins: You must write about your experience with the world's first ATM - along with a picture of those 10 pound cheques, if possible:) Every time someone says banks are not innovative, I cite ATM - and credit card - as counter-examples.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Melvin Haskins
Melvin Haskins - Haston International Limited - | 28 June, 2017, 08:33

Ketharaman, there are no photographs, although Barclays themselves may have a copy in their archives. You need to understand that ten pounds was a significant sum of money in the UK in 1967. In my first job I earned 14 pounds per week before tax, and that included shift allowance. Barclays sent a pack of five ten pound cheques to their customers in the post for you to use as you wished. I am certain that the ATM's were stand alone - i.e. no links to a central computer. They installed a number of these ATM's around the country - I used one in Cardiff in South Wales in 1971. I have no idea how long they were in use before being replaced by the next generation.

1 thumb up! 1 thumb up! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 28 June, 2017, 11:35

@MelvinHaskins:

TY for your reply. I can easily believe that the ATMs of that era were standalone. Decades later, in 2000 in Germany, my bank's ATM was (partially) standalone. If I had EUR 1000 in my account and withdrew EUR 100 from the ATM, the ATM would continue to reflect a balance of EUR 1000 until midnight. I say "partially" because the ATM would let me withdraw only up to EUR 900 with immediate effect. To get my updated balance of EUR 900, I'd have to insert my debit-cum-ATM card into a machine located inside the ATM center, which would print all transactions that happened after my last printout of the statement.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Lu Zurawski
Lu Zurawski - ACI Worldwide - London | 28 June, 2017, 11:41

Melvyn - Was it true the original (pre-card) paper vouchers were embedded with some radioactive compound as a counterfeit measure?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Melvin Haskins
Melvin Haskins - Haston International Limited - | 28 June, 2017, 12:25

Lu, again no idea on the radioactive compound. I was 19 and naiive. The paper vouchers looked exactly like today's business cheques (checks), i.e. large in size, but had a series of diffent sized circular punched holes through the centre horzontally - exactly the same as paper tape, if you remember what that is. They also had your bank details in MICR along the bottom, exactly the same as cheques today. I believe that they were retrieved from the machine in the morning and then put into clearing the same way as regular cheques.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Dutch banks bid to manage falling cash use through joint ATM network

Dutch banks bid to manage falling cash use through joint ATM network

31 May 2017  |  7416 views  |  0 comments | 6 tweets | 19 linkedin
Switzerland begins move to common ATM standard

Switzerland begins move to common ATM standard

16 May 2017  |  7824 views  |  0 comments | 5 tweets | 6 linkedin
ATMIA hits out at 'anti-cash' financial exclusion lobby

ATMIA hits out at 'anti-cash' financial exclusion lobby

27 April 2017  |  7328 views  |  2 comments | 10 tweets | 10 linkedin
Wells Fargo brings cardless transactions to 13,000 ATMs

Wells Fargo brings cardless transactions to 13,000 ATMs

27 March 2017  |  11817 views  |  6 comments | 14 tweets | 31 linkedin
Link rethinks business model as banks balk at ATM running costs

Link rethinks business model as banks balk at ATM running costs

26 January 2017  |  6332 views  |  5 comments | 7 tweets | 5 linkedin
Christmas brings record UK ATM cash withdrawal figures

Christmas brings record UK ATM cash withdrawal figures

06 January 2017  |  6433 views  |  2 comments | 12 tweets | 11 linkedin
India to redefine ATMs as bank branches

India to redefine ATMs as bank branches

12 October 2016  |  6063 views  |  2 comments | 6 tweets | 10 linkedin
UOB introduces digital card issuance and contactless ATMs

UOB introduces digital card issuance and contactless ATMs

15 September 2016  |  5560 views  |  0 comments | 7 tweets | 8 linkedin
Cashless society like a mirage in the desert

Cashless society like a mirage in the desert

01 March 2016  |  11613 views  |  12 comments | 15 tweets | 14 linkedin
Appetite for cash remains strong as ATM usage soars

Appetite for cash remains strong as ATM usage soars

05 January 2016  |  10815 views  |  20 comments | 27 tweets | 27 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlRegister nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
9904 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8935 views comments | 13 tweets | 10 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
8717 views comments | 17 tweets | 19 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8028 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7693 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job