ATMs (Automated Teller Machines)
An ATM is a computerized machine that provides customers, the facility of accessing their accounts for dispensing cash and carrying out other financial & non-financial transactions without visiting the bank branches. ATMs are convenient, allowing consumers to perform quick self-service transactions such as deposits, cash withdrawals by the bank where the account is located, by the operator of the ATM, or by both.
ATMs are known in different parts of the world as “Automated Bank Machines” (ABM) or Cash Machines.
There are now more than 3.5 million ATMs in use across the world. Customers are typically identified by inserting a plastic ATM card into the ATM, with authentication is done by the customer entering a Personal Identification Number (PIN) stored in the chip on the card or in the issuing financial institution's database.
A PIN is a numeric password that is separately mailed/ handed over to the customer by the bank while issuing the card.