Fifty years ago this week, consumers’ lives changed.
While at one time, they could only receive cash during their banks’ business hours, on June 27, 1967, a machine was born in London that fixed that.
The first ATM debuted in London. John Shepherd-Barron, who worked at a company called De La Rue Instruments that specialized in printing newspapers, and eventually, banknotes during the early 1900s, became frustrated when he arrived a minute after a bank closed one Saturday. He brought his idea to the British bank Barclays BCS, +1.21% , which jointly developed a cash machine with De La Rue Instruments. It took about two years to make it, and it debuted in Enfield, in north London.
Since then, the “cash machines” eventually known as ATMs, or automated teller machines, have spread across the world.