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ATMIA celebrates ATM's 40 years at ATMIA East
January 11, 2007
SIOUX FALLS, S.D. - The ATM turns 40 this year. And with ATM markets in India, China and the former Soviet Union rapidly taking off, the future looks bright for this popular self-service device, despite consolidations in mature markets, said Mike Lee, chief executive of the ATM Industry Association.
"The good news about mature ATM markets, however, is that they show it is possible to have extraordinary market penetration of more than one ATM per 1,000 head of population," Lee said. "This means that China on its own could potentially accommodate over a 1 million ATMs."
A look back
Since its invention, the ATM has spawned a $14 billion industry, comprising more than 1.5 million ATMs and maintaining an installation rate of one machine every 7 minutes.
The ATM was invented in the mid 1960s by John Shepherd-Barron, who was then the managing director of De La Rue.
The first ATM was reportedly installed in 1967 in Enfield, England - North London - by Barclays Bank. To use the ATM, a customer inserted a machine-readable coded check injected with Carbon 14 that had to be purchased in advance. After inserting the check, the customer then entered a four-digit PIN, which allowed him to withdraw the amount of "emergency" cash stipulated on the cash voucher.
The PIN method used at all ATMs today was patented in January 1974 by inventor Leon Stambler.
The ATM consistently rates as one of consumers' most-preferred technologies of convenience, and it has been recognized as one of the most-influential innovations of the 20th century. The ATM appears on a list compiled by the DaVinci Institute of the last century's top-10 money-related innovations. In 1994, the Discovery Channel produced a documentary film about the ATM's invention. The production crew, which had been reviewing European inventions and ideas after World War II, concluded that the ATM was the first original British idea to hit the world since the invention of radar in 1937 some 30 years earlier.
To celebrate the ATM's 40th birthday and the 10th anniversary of ATMIA, ATMIA is bringing Shepherd-Barron to deliver the keynote address Feb. 20-23 during its anniversary conference in Orlando, Fla.
"It is a fitting way to pay tribute to the ATM, on its 40th birthday, to enable the industry to meet the person who started the ball rolling through cutting-edge inventiveness in the days before man first walked on the moon (and) when the Beatles and Beach Boys were still the big pop stars of the day," Lee said. "Every single one of us in the ATM industry owes this gentlemen big time, from the ATM engineer to the cash carrier to the custodian to the ATM owner to the millions of customers accessing cash outside of bank hours at convenient locations every day."
ATMIA says it will present Shepherd-Barron with a Lifetime Achievement Award.
A look ahead
ATMIA's also has invited Retail Banking Research Ltd. to provide a 10-year forecast for global ATM growth. RBR also is expected present the latest worldwide data for ATM installations and growth prospects.
For more information about the conference, visit ATMIA's Web site or contact Amber Howell.
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ATM Industry Association (ATMIA)
The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.
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