Gold ATM marks 50 years of the hole in the wall
IN AN age when the banks closed at 3pm and the only holes in the wall were put there by builders or bullion robbers, a teller that dispensed cash automatically was Britain’s first, tentative step into the computer age – and it marked the writing on the wall for the paper chequebook.
Exactly 50 years ago, Barclays unveiled that first cash machine outside its branch in Enfield, north London.
Today, to celebrate the anniversary, the modern-day dispenser that occupies its slot has been sprayed gold.
Vast crowds watched as Reg Varney, star of the TV comedy
The Rag Trade and later to appear on On The Buses, declared the first “Barclaycash” machine open. It allowed customers to withdraw the fixed sum of £10 from their account by inserting a special voucher, which was then
Exactly 50 years ago, Barclays unveiled that first cash machine outside its branch in Enfield, north London.
processed in the same way as a cheque.
Other banks used the same system until the late 1970s, eventually issuing to approved customers perforated cards, which were swallowed by the machine and returned along with the monthly statement.
The “hole in the wall machine” had been the brainchild of John Shepherd-Barron, who was commissioned by Barclays to create the first six ATMs. Today, there are about 70,000 machines across the UK, and some 176m cards in circulation.
However, demand for cash is slackening, with the trade association Payments UK saying it will soon be overtaken by contactless cards as most frequently-used payment method. Coincidentally, this month also marks the anniversary of the UK’s first debit card, in June 1987.