ATM or Automated Teller Machine
- Customers can use the ATM to access their bank deposit or credit accounts and perform various financial transactions, including checking balances, withdrawing cash, and transferring credit to and from mobile devices.
- Customers typically identify themselves by inserting a plastic ATM card (or another acceptable payment card) into the ATM. Authentication then takes place in such a way that the customer enters a personal identification number (PIN), which must match the PIN stored on the card's chip (if it has one) or in the financial institution's database issued the card.
- ATMs can also be used to withdraw money in a foreign country.
- According to the ATM Industry Association (ATMIA), nearly 3.5 million ATMs were deployed worldwide in 2015.
A.T.M is an example of which sector?
ATM is an example of a tertiary sector known as the service sector. It refers to an electro-mechanical machine that includes an automated banking platform and helps users to conduct financial transactions without going to the bank.