Full form of ATM?
ATM full form is know as Automated Teller Machine it is a revolutionary machine which allow user to do transactions smoothly without any help of bank employee or teller etc. Every bank has its own ATM at specified location which is maintained by specific branch.
ATM card Means
They can be of any type either they are Debit Cards or Credit Cards as per their classifications.
ATM are called by various names in different countries like ABM (Automated Bank Machine) and Cash withdrawal Machines. There may be charge to withdraw cash from ATM.
Working Principal Of ATM?
ATM Machine works on a principle of card swap in which you have to swap your card with the magnetic strip in slot of machine where the secure data is exchanged with server to identify your account or Card number. Now a days card is intake by machine during full transaction to ensure zero fraud in transactions.
History Of ATM
Barclays Bank in London used first ATM in 1967,But it is also believed that there is a cash dispenser already working in japan at that time since 1960.After the Era begun the use of ATMs are changed drastically.
Now in each and every major and minor country ATM use increased and day by day the number of ATMs reached near 4 millions.
Types Of ATM
Basic Type ATM
These type of ATMs only allow user to withdraw cash and change their pin and check account balance.
In this type of ATM one can withdraw money and can deposit it to own account or can send money to another account. IN this type of ATM one can pay bills or recharge their mobile etc.
Benefits Of ATM
Here are the Various Benefits of ATM according to use.
- ATM has access to customers 24 hrs.’ which makes it attractive.
- IT is convenient due to its self transaction facilities.
- ATM reduces the cost of staff for calculation and settlement of transactions.
- Transaction are Quick and smooth without any error.
- ATM protects from fake currency transactions.
Various Functions of ATMs
Here are the various functions of ATM.
- Withdrawal of Cash.
- Deposit of Cash
- Bill payment
- Account Mini statements.
- Balance check.
- Fund Transfer
- Details of Account.
How ATM Works?
Basically ATM is consist of Hardware and software units which are connected to server to fetch the details of account. These Units are classified in the following categories.
Touchscreen:- It is an input device which consist of a screen which is used to provide input data with the help fo touch by finger.
Keyboard:-Keyboard is also used to provide input data for a successful transaction through a physical keyboard provided at ATM
Card Reader:-This device is the main and important role to read any card data correctly. It works on magnetic principle to read the data from any card.
Out Put Devices
Screen:-Screen is the basic output device which is used to show the exact data like account details and amount to be withdrawn from the user. It can be LED or LCD.
Printer:-A mini receipt printer also attached to the machine for the acknowledgment of the receipt of transaction for future.
Note Dispenser Machine;-A machine with a function of counting and dispensing the exact amount as per command given buy user is attached to the machine.