India will be having world class hi-tech ATMs in a couple of years. Since the life span of the ATMs is 5-7 years, most banks would replace old machines with high end machines that meet the international standards. There are close to 1.80 lakh ATM machines installed in India. ATM installation are growing at 25 per cent per annum and the number is expected to touch 2.75 lakh by the end of next calendar year.
Unlike past, now customers can recharge the mobile phone, transfer funds and even pay their utility bills at the ATM instead of visiting three locations for these services. Some of the machines even provide customers an option of video interaction with bank officials while there other ATMs that have talking ATM designed particularly for visually impaired.
- ATM stands for Automated Teller Machine.
- ATMs were initially called “robot cashiers”, later they were known as cash dispensers
- Using PIN number was the most familiar way of authenticating the user in an ATM machines. But many alternate ways like, Retina Scan method, facial recognition, Finger print authentication and many other things were also in research.
- There are now over 1.6 million of the machines all over the world.
- The United States currently has more ATMs than any other country.
Test Your Knowledge
The World’s first Facial Recognition ATM was developed recently in
India’s first “talking” ATM for visually impaired was today inaugurated in _______.
