A.T.M is an example of which sector?

By Ritesh|Updated : September 5th, 2022

An example of the tertiary sector is the ATM which is famous as the service sector. The term "ATM" (automated teller machine) refers to an electro-mechanical machine that includes automated banking platforms and enables users to conduct simple financial transactions without a branch employee or teller. Most ATMs should allow users with debit or credit cards to make cash withdrawals. Although there are records of a cash dispenser in Japan in the middle of the 1960s, the first ATM appeared at a Barclays Bank branch in London in 1967.

 

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.

Summary:

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.

Comments

write a comment

Featured Articles

Follow us for latest updates