Discover More About the ATM
The humble ATM was once seen as one of the most important inventions of the 20th century, as it enabled customers to withdraw money from their own bank accounts quickly, easily, and without having to queue for a long time in their local bank. But in the 21st century, the ATM and the concept of it, such as how it works and what exactly makes it one of the most popular devices for the consumer have been overlooked, by the majority of the world’s population. However, it doesn’t have to be this way, and if you want to have a new-found appreciation for the ATM, here are a few facts about the cash machine that will put it in a whole new light.
The Consumer’s Perspective
To the consumer, the ATM represents the ultimate ease of use: they insert their debit or credit card into the card slot, and they are then prompted to enter their PIN or Personal Identification Number on they keypad provided. As we all know, these PINs are unique to the individual, and they help identify and verify the customer’s identity to the machine. Once they have entered their PIN, they will then be able to choose from a number of options, such as checking their balance, withdrawing cash, paying a bill or even topping up their pay-as-you-go mobile phone, if they have one. Once they have done what they needed to do, they are then given their card back and they can then leave the machine.
The ATM’s Perspective
Modern cash machines are equipped with EMV technology. EMV stands for Europay, MasterCard and VISA, and is the name given to the inter-operation of integrated circuit cards, which are also known as IC cards or chip cards, which are able to authorise point of sale (POS) transactions and ATM transactions. These cards are fitted with a special chip that allows it to be read by ATMs and other card terminals. Payments are then authorised by the customer punching in their PIN. This technology is the result of work between Europay, MasterCard and VISA to make sure that both VISA cards and MasterCards are accepted at banks, shops and other retailers worldwide. There are certain standards that EMV cards, machines and technology must adhere to in order to be accepted, and as of 2011 the best-known cards to implement the EMV technology are VISA, MasterCard, American Express and JCB.
EMV transactions from EMV compliant terminals and cards help improve security against fraud on a much greater level compared to the traditional cards with a magnetic stripe, that relied on the card holder’s signature only. When an EMV card is inserted into a reader, then the machine carries out a number of security checks with the bank before it allows the customer to do anything, while this may only take a couple of seconds in the customers’ mind, the sheer amount of work the ATM does is really exceptional.
