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A Brief History of ATMs – From Inception to Modern-Day Use

• Renuka
• August 29, 2024August 29, 2024

In the contemporary world, the ATM, an abbreviation for Automated Teller Machine, has emerged as a synonym for financial transactions and net banking, offering us the convenience of accessing our bank accounts 24/7. The history of the ATM dates back to 1967 when it was first introduced at Barclays Bank in London. John Shepherd-Barron, a British inventor, developed this unattended cash dispenser facilitating easy withdrawal of cash at any time of the day or night.

The Inception of ATMs

Barclays Bank’s ATM, equipped with the basic technology of using carbon-14 dyes for user identification, was placed on the pavement outside the bank in Enfield Town, North London. Customers were given cheques radiated mildly with carbon-14. The ATM would match the cheque to an encrypted identification number, and once matched, it dispensed £10. This revolutionary approach laid the foundation for the future of the banking world. While they were deemed as luxury then, they soon found a prominent place in retail banking and net banking over the decades.

The Evolution of ATM Services

With the advancement of technology, our banking experience has been significantly elevated. Not only are ATMs equipped to disperse cash, but they also allow deposits, fund transfers, balance enquiries, mini statemen and pay bills. Some high-end ATMs facilitate purchasing of lottery tickets, stamps, topping up phone credit, and even offer a touch screen interface to support the visually impaired. Today, ATMs have become an integral part of our daily lives.

The Shift to Digital Transactions and UPI

The popularity of ATMs saw a tremendous shift towards digital transactions online payment upi and net banking with the evolution of the internet and smartphone. This led to the birth of UPI (Unified Payments Interface), a real-time payment system enabling multiple bank accounts and mobile banking services in one app. UPI has remodeled the banking systems in India, making the transactions hassle-free and instantaneous with a simple tap on your phone.

Introducing Bajaj Pay UPI

This brings us to Bajaj Pay UPI. Bajaj Pay, a series of payment solutions from Bajaj Finance, launched the UPI services to democratize digital payments. With the main advantages being quick, secure and straightforward, the Bajaj Pay UPI is an easy-to-use platform to manage one’s daily transactions.

To use Bajaj Pay UPI, follow the steps:

1. Download the Bajaj Finserv wallet app from your device’s app store.
2. After installation, open the app and key in your registered mobile number and OTP for initial setup.
3. Once logged in, click on ‘Bajaj Pay’ at the bottom.
4. Choose ‘UPI’ among other available options like ‘EMI Network’, ‘Wallet’, ‘Insta EMI’ and ‘Insurance’.
5. First-time users need to select ‘Bank Account Link’. Choose your bank from the drop-down menu.
6. Click ‘Proceed’ for the automatic verification process.
7. Now, create a unique UPI ID and set a UPI PIN for secure transactions.
8. Once your UPI ID is set, you can seamlessly transact using Bajaj Pay UPI.

 

Bajaj Pay UPI furthers the advantages of net banking, providing a secure and convenient platform for transactions. Moreover, the Bajaj Pay UPI interface is built to simplify and streamline our daily financial transactions, from mobile recharges, utility bill payments to money transfers.

Conclusion

In conclusion, the ATM has come a long way from dispensing basic cash to enabling complex financial transactions and promoting the era of accessible net banking. Bajaj Pay UPI is a testament to this evolution, bringing the banking world closer through a simple click. The history and evolution of the ATM serve as a reminder of how technology continues to transform our financial transactions, emphasizing convenience and swift access at every step.