ATM is an Example of Which Sector?

By BYJU'S Exam Prep

Updated on: November 9th, 2023

ATM is an example of the Tertiary Sector. The tertiary sector 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.

ATM is an Example of a?

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.

  • Customers can use the ATM to check balances, withdraw cash, and transfer credit to and from mobile devices. They can also access their bank deposit or credit accounts and carry out a number of other financial transactions.
  • Customers typically identify themselves at the ATM using a plastic ATM card (or another acceptable payment card).
  • A personal identification number (PIN) is then entered by the customer for authentication.
  • This PIN must match the PIN stored on the card’s chip (if it has one) or in the database of the financial institution that issued the card.
  • While traveling abroad, cash can be withdrawn from ATMs as well.
  • According to the ATM Industry Association (ATMIA), there were approximately 3.5 million ATM installations worldwide in 2015.


ATM is an Example of Which Sector?

ATM is an example of a Tertiary Sector known as the service sector. It refers to the electro-mechanical machine that includes an automated banking platform and helps users to conduct financial transactions without going to the bank.

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