A.T.M’S MADE OUR LIVES EASIER

BY:IMAN MUQEET

What is an a.t.m machine

• ATMs are known by various other names including ATM machine, automated banking machine, and various regional variants derived from trademarks on ATM systems held by particular banks.

• On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).

An a.t.m

• This is an a.t.m machine used for taking out money.

Using an a.t.m

• Using an ATM, customers can access their bank accounts in order to make cash withdrawals, debit card cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at an official wholesale exchange rate.

a.t.ms often provide.............

• ATMs often provide one of the best possible official exchange rates for foreign travellers, and are also widely used for this purpose.

Global use

• There are no hard international or government-compiled numbers totaling the complete number of ATMs in use worldwide. Estimates developed by ATMIA place the number of ATMs in use currently at over 2.2 million, or 1 ATM per around over 3000 people in the world. [16]

• For the purpose of analyzing ATM usage around the world, financial institutions generally divide the world into seven regions, due to the penetration rates, usage statistics, and features deployed. Four regions (USA, Canada, Europe, and Japan) have high numbers of ATMs per million people.[17][18] Despite the large number of ATMs, there is additional demand for machines in the Asia/Pacific area as well as in Latin America.[19][20] ATMs have yet to reach high numbers in the Near East and Africa.[21]

• One of The world's most northerly installed ATMs is located at Longyearbyen, Svalbard, Norway.

an a.t.m

reliability

• Before an ATM is placed in a public place, it typically has undergone extensive testing with both test money and the backend computer systems that allow it to perform transactions. Banking customers also have come to expect high reliability in their ATMs,[75] which provides incentives to ATM providers to minimize machine and network failures. Financial consequences of incorrect machine operation also provide high degrees of incentive to minimize malfunctions.

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