The Economics of Everyday Things
36. ATMs
Feb 12, 2024
Guest Zachary Crockett explores the history and rise of ATMs, the challenges of placing them in a cashless economy, the impact of ATM fees on underbanked neighborhoods, and transaction volumes and class confusion.
20:08
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Quick takeaways
- ATMs were introduced as a solution to the increasing demand for banking services in the 1950s, providing a more convenient and accessible way for people to withdraw cash.
- ATMs are no longer solely owned by banks, creating a new market for independent ATM operators who charge fees for cash withdrawals and share revenue with hosting establishments, but they face challenges in terms of theft and technical issues.
Deep dives
The Evolution of ATMs
ATMs were introduced as a solution to the increasing demand for banking services in the 1950s. People were moving away from city centers, making the traditional branch model expensive and impractical. The first ATM was introduced in London in 1967 and later in the US. These early machines were primitive and unreliable, but over time, advancements in technology made ATMs more efficient and functional.
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