Golden ATM marks 50th anniversary of the cash machine | News | DW | 27.06.2017
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Business

Golden ATM marks 50th anniversary of the cash machine

The first cash machine in history was installed in the UK in 1967. Despite the rapid development of online payment, demand for cash has continued to grow.

The world's first ATM turned gold on Tuesday as Britain celebrated 50 years since the invention of the machine, revolutionizing banking around the globe. The Barclay's bank in Enfield unveiled the new cash point for the occasion, complete with red carpet.

"To celebrate the ATM's golden anniversary - an iconic moment in banking - Barclays is turning the Enfield cash machine into a local landmark," the bank said.

The ATM was the creation of Scottish inventor John Shepherd-Barron and first installed in Enfield in 1967, quickly followed by five others commissioned by Barclay's. Shepherd-Barron has said in interviews that he was inspired by chocolate bar vending machines while mulling how difficult it was to get cash after business hours.

 According to the Bank of England, despite the numerous new paths of payment offered by modern technology, demand for cash has continued to rise over the decades - peaking around Christmas 2016.

Today there are about 70 billion pounds cash in circulation, compared to just 2.9 billion in 1967.

es/rc (dpa, Reuters)

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