definition of atm
Introduction
An ATM, or automated teller machine, is a device that allows individuals to perform financial transactions without having to visit a bank or financial institution. It has become an integral part of our daily lives, providing us with easy and convenient access to our money. In this article, we will delve deeper into the definition of ATM, its history, how it works, and its impact on the banking industry and society as a whole.
History of ATMs
The concept of an ATM was first introduced in 1967 by Barclays Bank in London, England. The machine was known as the “Barclays Cash Dispenser” and was located outside the bank’s branch. It allowed customers to withdraw a maximum of £10 at a time, using a special voucher that was issued by the bank. However, it was not until 1969 when the first fully automated ATM was introduced by Chemical Bank in New York City. This machine allowed customers to withdraw up to $100 at a time, using a plastic card with a magnetic stripe.
In the 1970s and 1980s, ATMs continued to evolve with the introduction of features such as balance inquiries, depositing checks and cash, and transferring funds between accounts. The use of Personal Identification Numbers (PINs) was also introduced to ensure the security of transactions. By the 1990s, ATMs had become a common sight in most countries, and the usage of plastic cards had replaced the need for paper vouchers.
How Does an ATM Work?
An ATM works by connecting to a bank’s computer system through a network. When a customer inserts their card into the machine, it reads the magnetic stripe and communicates with the bank’s computer to verify the account and the available balance. The customer is then prompted to enter their PIN, which is encrypted and sent to the bank for verification. Once the PIN is verified, the customer can access various services, including withdrawing cash, checking their balance, and making deposits.
When a customer withdraws cash, the ATM communicates with the bank to deduct the amount from the customer’s account and dispenses the cash. For deposits, the machine counts the cash and verifies the checks before displaying the amount on the screen for the customer’s confirmation. The machine then prints a receipt, and the deposit is credited to the customer’s account.
Types of ATMs
There are various types of ATMs, each designed to cater to different needs and preferences. The most common type is the basic ATM, which allows customers to withdraw and deposit cash, check their balance, and transfer funds between accounts. These machines are usually located in bank branches, shopping malls, and other public places.
Another type of ATM is the drive-thru ATM, which is designed for customers who want to perform transactions without having to leave their cars. These machines are equipped with a keypad and a screen that can be accessed from a vehicle’s window.
White label ATMs are owned and operated by private companies and are not affiliated with any bank or financial institution. They offer similar services to bank-owned ATMs, but customers may be charged a fee for using them. On the other hand, brown label ATMs are owned by private companies but are operated by a bank, allowing customers to use them without incurring any additional fees.
The Impact of ATMs on the Banking Industry
The introduction of ATMs has had a significant impact on the banking industry. It has reduced the need for customers to visit bank branches, saving them time and effort. This has also allowed banks to reduce their operating costs by reducing the number of employees needed to handle cash transactions. As a result, banks have been able to offer more competitive interest rates on loans and deposits.
ATMs have also increased the accessibility of banking services, especially in rural areas where bank branches may be limited. This has helped improve financial inclusion, allowing individuals in remote areas to access banking services without having to travel long distances.
Furthermore, ATMs have revolutionized the way we view and use cash. With the availability of ATMs, individuals are less reliant on cash and can easily use their debit or credit cards for purchases. This has also led to a decrease in the use of checks, which can be time-consuming and prone to fraud.
Impact on Society
Apart from the banking industry, ATMs have also had a significant impact on society. The convenience they offer has made it easier for individuals to manage their finances, reducing the need to carry large sums of cash. This has also helped decrease the risk of theft and robbery.
ATMs have also made it easier for individuals to access their money at any time, even outside of banking hours. This has been particularly beneficial during emergencies when individuals need immediate access to cash.
Moreover, ATMs have played a crucial role in the growth of e-commerce. With the availability of ATMs, individuals can easily make online purchases using their debit or credit cards, without having to visit a bank or financial institution to withdraw cash.
Future of ATMs
As technology continues to advance, the future of ATMs is expected to evolve as well. Contactless ATMs, which allow customers to perform transactions using their smartphones, are already being introduced in some countries. These machines use near-field communication (NFC) technology to connect with smartphones, eliminating the need for a physical card.
Biometric ATMs, which use fingerprint or facial recognition technology to authenticate transactions, are also being developed to enhance security. Furthermore, the introduction of cryptocurrency ATMs is transforming the way we view and use digital currencies.
Conclusion
In conclusion, the ATM has come a long way since its inception in the 1960s. It has revolutionized the way we access and use financial services, making our lives more convenient. With the continuous advancements in technology, we can expect to see even more innovative features and services being offered by ATMs in the future. However, one thing is for sure, the ATM will continue to play a crucial role in the banking industry and society as a whole.
how to see messages in icloud
iCloud is a cloud storage and computing service offered by Apple Inc. It was launched in 2011 and has become an integral part of the Apple ecosystem. One of the features of iCloud is the ability to store messages in the cloud. This means that all your conversations, photos, and attachments from iMessage, SMS, and MMS are backed up and can be accessed from any Apple device. In this article, we will discuss how to see messages in iCloud and the benefits of using this feature.
To begin with, iCloud is a convenient way to store and access your messages. It eliminates the need to constantly delete old messages to free up storage space on your device. With iCloud, all your messages are securely stored in the cloud, freeing up space on your device for other important files and apps. This also means that even if you lose or damage your device, your messages will still be accessible from iCloud.
To see your messages in iCloud, you need to have iCloud backup enabled on your device. This can be done by going to Settings > [Your Name] > iCloud > iCloud Backup. Make sure the toggle next to iCloud Backup is turned on. Your device will automatically backup your messages to iCloud when connected to Wi-Fi and plugged in to charge. You can also manually backup your device by going to Settings > [Your Name] > iCloud > iCloud Backup > Back Up Now.
Once your messages are backed up to iCloud, you can access them from any Apple device. To do this, make sure you are signed in to the same iCloud account on the device you want to access the messages from. Then, go to Settings > [Your Name] > iCloud and toggle on Messages. Your messages will now be synced to the device and you can view them in the Messages app.
Another advantage of using iCloud for messages is the ability to free up storage space on your device. As mentioned earlier, messages can take up a significant amount of storage space on your device. By storing them in the cloud, you can free up this space for other important files and apps. This is especially useful for those with older devices with limited storage capacity.
Moreover, using iCloud for messages also ensures the safety and security of your conversations. Your messages are encrypted and stored in the cloud, making it less vulnerable to hacking or data breaches. This also means that your messages are not tied to a specific device, so if you upgrade to a new device, you can still access your old messages from iCloud.
Additionally, iCloud allows you to access your messages from any location, as long as you have an internet connection. This is particularly useful for those who travel frequently and may not have access to their primary device. You can simply sign in to your iCloud account on any Apple device and view your messages.
Furthermore, iCloud also has a feature called “Messages in iCloud” which keeps your messages updated across all your devices. This means that when you delete a message on one device, it will also be deleted on all your other devices. This feature ensures that your messages are always in sync and up to date.
In order to enable this feature, go to Settings > [Your Name] > iCloud > iCloud Backup and toggle on Messages. This will keep your messages in sync across all your devices, making it easier to manage your conversations.
Another benefit of using iCloud for messages is the ability to easily transfer your messages to a new device. When setting up a new device, you can choose to restore from an iCloud backup. This will transfer all your messages and other data from your old device to the new one. This is a quick and efficient way to transfer your data without having to manually backup and restore each app.
However, it is important to note that messages in iCloud are not permanently stored. Apple only keeps your messages in iCloud for 30 days after they are deleted from your device. After that, they will be permanently deleted from iCloud. This is to ensure that your messages are not stored in the cloud indefinitely, to protect your privacy.
In conclusion, iCloud is a powerful and convenient way to store and access your messages. By using this feature, you can free up storage space on your device, keep your messages in sync across all your devices, and easily transfer your messages to a new device. It also provides an added layer of security for your conversations. So, if you are an Apple user, make sure to take advantage of this feature and see your messages in iCloud.
iphone sync over wifi
In today’s fast-paced world, syncing our devices has become second nature. Whether it’s our phones, laptops, or tablets, we rely on them to keep us connected, organized, and up-to-date. With the advancement of technology, the process of syncing has also evolved, making it easier and more convenient for users. One such advancement is the ability to sync our iPhones over wifi. Gone are the days of tangled cords and slow transfer speeds. In this article, we will explore the concept of iPhone sync over wifi, its benefits, and how to set it up.
Before we dive into the details, let’s first understand what exactly is meant by “syncing” in the context of our iPhones. Syncing refers to the process of transferring data, such as contacts, photos, and music, between two devices. In the case of iPhones, syncing allows us to keep our devices up-to-date with the latest data and ensures that we have the same information on all our devices.
So, what exactly is iPhone sync over wifi? Simply put, it is the ability to sync our iPhones with our computers or other devices using a wireless connection, instead of a physical cable. This means that we can transfer data between our iPhone and computer without the need for any wires, as long as both devices are connected to the same wifi network.
The concept of syncing over wifi was introduced by Apple in 2011 with the release of iOS 5. Before this, users had to rely on a USB cable to sync their iPhones with their computers. This was not only inconvenient but also limited the mobility of the devices. With wifi sync, users can now move freely between their devices without the hassle of cords and cables.
So, what are the benefits of iPhone sync over wifi? The first and most obvious benefit is the convenience factor. With wifi sync, we no longer have to worry about locating the right cable or untangling it. This makes the syncing process faster and hassle-free. Additionally, since wifi is a wireless technology, it allows us to sync our devices from a distance, giving us more flexibility and mobility.
Another benefit of wifi sync is that it is faster than traditional wired syncing. This is because wifi technology has higher transfer speeds compared to USB cables. This means that we can transfer large files, such as videos and photos, in a fraction of the time it would take with a cable. Moreover, wifi sync also allows us to sync multiple devices simultaneously, making it an efficient option for those who own multiple Apple devices.
Security is a major concern for most users when it comes to wireless technology. However, Apple has taken measures to ensure that wifi sync is secure. The transfer of data between devices is encrypted, meaning that it is protected from any potential hackers or intruders. Furthermore, wifi sync only works when both devices are connected to the same wifi network, adding an extra layer of security.
Now that we understand the benefits of wifi sync let’s take a look at how to set it up. The first step is to ensure that both your iPhone and computer are running the latest version of their respective operating systems. Next, connect your iPhone to your computer using a USB cable and open iTunes. In the iTunes menu, click on the iPhone icon and select the “Summary” tab. Here, you will see an option to “Sync with this iPhone over Wi-Fi.” Check the box next to it and click on “Apply” to save the changes.
Once this is done, disconnect your iPhone from the computer and make sure that both your iPhone and computer are connected to the same wifi network. Now, open the “Settings” app on your iPhone and go to “General” followed by “iTunes Wi-Fi Sync.” Your computer should appear under the “Sync Now” section. Tap on it, and your iPhone will start syncing with your computer wirelessly.
It is worth noting that wifi sync will only work when both devices are connected to the same wifi network. If you are unable to see your computer under the “Sync Now” section, make sure that both devices are connected to the same network and that the “Sync with this iPhone over Wi-Fi” option is enabled in iTunes.
In addition to syncing with our computers, we can also use wifi to sync our iPhones with other devices, such as Apple TV and iCloud. This allows us to access our data on various devices without the need for any cables. Furthermore, wifi sync also works with third-party apps, giving us even more flexibility and options.
In conclusion, iPhone sync over wifi has revolutionized the way we transfer data between our devices. It offers convenience, speed, and security, making it a popular choice among users. With easy setup and compatibility with various devices and apps, wifi sync has become an essential feature for any iPhone user. So, next time you need to sync your iPhone, ditch the cables and go for the wireless option.