ATM is used for continuing along with one’s day-to-day work. Be it cash withdrawal or sending money, for many monetary transactions, ATM today has become an important part of our lives. But even after such extreme usage, are we aware of the full form of ATM?
There are many competitive exams that put forward this question, but due to the candidates’ lack of awareness, it comes as a hard blow. They are unable to answer it. Considering the importance of it, within the post, we would discuss ATM full form and other important questions related to ATM. Many people think that the full form of ATM is Any Time Money, but this is not the correct answer. So, let’s proceed to get the right answer and learn in detail about ATMs.
Around the world, ATMs is known by different names. In Canada, ATM is known as ABM (Automatic Banking Machine). In other countries, it is known by the names, such as Cash Machine or Cash Point or Mini Bank or Hole in the wall. Well, no matter which country it is and how they describe ATM, it is important to know the full form of it, and this article will provide a complete detail about it.
What Is The Full Form Of ATM?
The full form of ATM is- Automatic Teller Machine.
Some other full forms of ATM have also been discussed below so that the users of the term do not get confused.
- Air Traffic Management is ATM In the terminologies of Aviation.
- Asynchronous Transfer Mode in the terminologies of I.T. sector. This is a telecommunication concept that has been defined by ITU and ANSI for understanding.
- Association of Teachers of Mathematics- This is a non-profit organization and a registered charity in the UK.
- Angkatan Tentera Malaysia or the Malaysian Armed Forces.
- Altamira Airport is located in Altamira, Brazil, and ATM is the Airport code.
What is ATM?
ATM kya hai, is one of the biggest questions, but it carries the simplest answer. ATM is an electronic telecommunication device that is used for carrying out Financial Transactions like withdrawal of cash, cash deposit, fund transfer, and many other bank-related transactions like exchanges, etc. IT makes the banking processes easy, as the machines are automatic, and users are not required to stand in a queue or connect with the bank executives.
Today, users have different plastic cards through which they operate their accounts. On the top front of the card, there is a magnetic strip wherein the details of the user remain encoded. On the strip, there is an identification code which to the central computer of the bank gets sent by the modem. Users, in order to use their account and to do monetary transactions, insert this card into the ATM.
ATM ka full form Hindi mye (ATM Full form in Hindi)
In Hindi, the full of ATM is,
What are the parts of an ATM?
ATM has two important parts that help the users to use it easily. It includes,
- Input Device
- Output Device
- Card Reader- It reads the details of the ATM card, which is present on the back-end of the ATM card magnetic chip. It then sends the information to the server for verification. On the basis of account information and instructions from the user, it gives permission for cash withdrawal.
- Keypad- In order to input the PIN, the withdrawal amount, to cancel or clear or enter any information related to a transaction, a keypad is useful.
- Screen- It is used to provide account-related information like accountholder name, cash available in the account, etc. It also helps with the steps that are required for conducting a transaction successfully.
- Speaker- Most ATMs have a speaker. It is used to provide feedback about the transaction conducted.
- Cash Dispenser- It is an important output device that helps in dispensing cash to the users.
- Receipt Printer- It provides the transaction receipt that contains information like withdrawal amount, the balance left, date, time, place, etc.
How does an ATM work?
In order to use an ATM, one needs to insert the plastic card in the ATM machine. In some machines, one can simply drop the card, while in others, one needs to swipe it. Like said above, ATM cards have a magnetic strip that contains the account information of the user, so when the user Drops/Swaps the card, the machine gets account details, and it asks for a PIN number. After successful authentication, the machine gives approval for the transaction, and the user gets the cash.
Types of ATM
- Online ATM- This type of ATM, it remains connected with the bank database for 24 hours, and one cannot withdraw more than what they have in their account.
- Offline ATM- This ATM type isn’t connected with the bank’s database. Even if one doesn’t have enough balance, one can over-withdraw the amount, but banks can charge a certain fine on it.
- On-site ATM- ATM set-up within the bank’s premises.
- Off-site ATM- ATM set-up outside the bank premises.
- White Label ATM- ATM set-up by Non-Banking Financial Companies.
- Yellow Label ATM- It has been provided for the purpose of e-commerce.
- Brown Label ATM- On the hardware and on the machine of a brown label ATM, there exists the ownership of the service provider, but for the banking network, connectivity and cash management is done by a bank.
- Orange Label ATM- Used for share transactions.
- Pink Label ATM- Provided just for female users.
- Green Label ATM- Used for farming-related transactions only.
Interesting facts about ATM
- ATM was invented by John Shepherd-Barron.
- John Shepherd-Barron thought to keep a 6 number ATM pin for the ATM, but as his wife found it difficult to remember a 6-digit pin, he decided to go with a 4-digit pin number.
- World’s 1st Floating ATM was launched by Bhartiya State Bank, Kerala.
- It was in 1987 when the first ATM was launched in India by HSBC (Hongkong and Shanghai Based Corporation).
- World’s 1st ATM was launched on 27th June 1967 by London-based Barclays Bank.
- The first person to use ATM was Reg Varney. He was a British comedian.
- In Romania (a European city), anyone without a bank account can withdraw cash.
- Brazil, biometric ATMs are used. In order to withdraw cash, the account holder is needed to scan their fingers.
Hope this article about ATM full form was able to clear a lot of doubts. It has also been made sure that the users get to know ATM full form in Hindi and some other important details about ATM. We have ensured to include it all so as to save our readers time and assure the availability of all information in one place.
In case you still have any doubts, or you want us to make any improvement in the article, one can reach out to us, and we will assure to take care of it on time.