Tuesday, June 27, 2017
View ShowroomTomorrow marks the 50th anniversary of the first ever ATM in the UK, and cash machines have served us round-the-clock since the first one launched at the Enfield branch of Barclays bank in London on 27 June 1967.
This was a vital step to put us all in control of our money. Gone were the days of having to wait till Monday morning to withdraw cash as for the first time people could access their money 24/7.
Inventor John Shepherd-Barren reportedly came up with the idea for a cash dispenser when he was in the bath. He told the BBC back in 2007: ‘It struck me there must be a way I could get my own money, anywhere in the world or the UK. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash.’
On The Buses star Reg Varney makes the first ever withdrawal
Crowds queue to use the first cash machine
But according to a trade association Payments UK, cash will be overtaken as the UK’s most popular payment method as soon as next year – three years earlier than expected, as more and more people switch to using contactless debit and credit cards.
Currently, around half of all transactions are made by cash, with the other half made by debit or credit card. And in 10 years, it’s predicted just 21% of payments will be by cash.
The graph shows how spending habits have changed over the last 30 years.
So, with spending habits changing so rapidly, can the 70,000 machines operating in the UK remain useful and relevant? We take a look at how banks are changing cash machines to appeal to a modern customer.
Cash machines in 2017: what can we do now? (To Read More – Click Here)
By Michael Somerville