The first ATM was invented in 1939. It was invented by German engineer Johann Werther and installed in Greece. This innovation made it possible to withdraw cash without having to go to a bank, which was a major breakthrough for banking and allowed people more flexibility and convenience when withdrawing cash. Since then, ATMs have become a common feature of banking around the world.
The first ATM from 1939 operated on the basis of the use of magnetic cards and telephone lines. The customer entered their account number and requested a cash withdrawal on the ATM keypad. The ATM then used the telephone line to verify the account information and authorize the transaction with the bank. The customer was then given a receipt and the money was deducted from their account. This system was very simple and primitive compared to today’s ATMs, but it still allowed people to withdraw cash without having to go to a bank and was thus considered a revolutionary invention.
