Date:20 May 2010 I Comments: 0 I Views:7,035

This is an article I’ve been sent so apologies if you’ve read it somewhere else.

There is no doubt the cash machine has had a massive impact on the way we access and ultimately spend cash across the world and so respect is most definitely due.

‘Tribute Paid to Cash Machine Inventor’ – Good one! Wish I’d thought of that…

And the facts are quite interesting too! 20,000 cash machine transactions in a single minute!

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John Shepherd-Barron, the man credited with inventing the world’s first cash machine, has died at the age of 84. Mr Shepherd-Barron’s invention has transformed the way that we get hold of our cash, not just for us in the UK but for people across the world. From humble beginnings, the cash machine has grown to the extent that last year UK cardholders withdrew £193 billion from cash machines.

The world’s first cash machine was installed at a branch of Barclays bank in Enfield, Middlesex.  On 27 June 1967 actor Reg Varney, later to star in the TV series On the Buses, made the first ever cash machine withdrawal. The first cash machines were very basic: they were only ever located at bank branches and relied on a token being inserted, which was obtained from counter staff, rather than a plastic card that we use today. Today’s machines are much more sophisticated – enabling customers not only to obtain cash, but top up their mobile, check their balance, request a statement and change their PIN. While cash machines were once a novelty, they have become part of daily life for most of us. LINK, operator of the UK cash machine network, last month recorded 20,000 cash machine transactions in a single minute.

Other cash machine facts:

• At the end of 2009 there were more than 63,000 cash machines in the UK compared to just over 22,000 in 1996.
• In 2009 we made 2.9 billion cash machine withdrawals, taking out £193 billion in the process. In 1996 we made 1.6 billion cash machine withdrawals, taking out £80.2 billion.
• In 2009 more than 42,000 cash machines were situated away from bank branches. In 1996 a mere 4,000 were situated away from bank branches.
• In 2009 the average amount withdrawn per cash machine visit was £66. In 1996 it was £50.
• More than 80% of our cash is obtained through cash machines. 34.7 million adults now regularly use cash machines compared with 26.1 million of us in 1997. 
• The busiest day of the week at cash machines is Friday and the busiest second ever was on 30 April 2010 at 12:10:52pm when there were 433 transactions.

Category: Banking & Saving