ATM remains important despite rise in contactless cards

Dhaka,  Thu,  29 June 2017
Published : 17 Jun 2017, 13:39:26 | Updated : 17 Jun 2017, 14:42:33
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ATM remains important despite rise in contactless cards

ATM remains important despite rise in contactless cards
Five decades on, as the automated teller machine prepares to celebrate its 50th birthday later this month, the future of the “hole in the wall” is in the spotlight, according to a global media report on Saturday.

Unable to access cash outside branch opening hours, John Shepherd-Barron was inspired to devise a machine that could provide instant access to banknotes at any time of day.

These machines, costly to design and install, are competing to stay relevant as cash comes under pressure from the rapid rise of mobile and online payments, as well as contactless cards in the UK.

When the first ATM was launched the same year, providing cash around the clock, it was considered groundbreaking. Having agreed a contract with John Shepherd-Barron, Barclays unveiled the first ATM in Enfield, London, roping in TV actor Reg Varney as its first customer.

Despite pioneering the ATM, the UK fell behind in the machine’s later development. Elsewhere, additional functions and superior security measures have helped cash dispensers stay at the forefront of payments innovation.

Japan, for example, began applying biometric security measures such as finger vein scanning in ATMs more than a decade ago to counter the growing threat of counterfeit cards and identity theft. In the US, Bank of America rolled out ATMs that allow customers to video chat with bank tellers.

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