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Approximately 50 years ago, someone inserted an identifying card into a machine slot and, in return, the machine dispensed cash - and Automatic Teller Machines - or ATMs - were born.

While some might think of the ATM as a relatively modern development, it had its origin more than half a century ago. But where the first ATM was located is up to some debate.

First unveiled in the 1960s
According to ABC News, the first ATM was installed by Barclays Bank in a London suburb in 1967. That first machine required users to insert a voucher before cash was dispensed.

The machine's abilities were limited: it couldn't transfer funds from one account to another, couldn't calculate remaining balances and didn't offer much in the way of security (bank cards with magnetic security stripes were yet to be invented). In fact, bank workers had to calculate the day's transactions by hand.

Meanwhile, The Atlantic reported that the first cash machine may have been installed in Japan in the mid-1960s, based on an article in the Pacific Stars and Stripes military newspaper. More successful use of ATMs, they state, occurred in Europe, where three banks, Bankomat in Sweden, and Chubb MD2 and Barclays in the U.K., installed banking machines.

A slow start
Although they took their inspiration from vending machines, ATMs were some of the first electronic machines that were made to withstand the elements. However, they required frequent human assistance because they easily jammed or dispensed too many bills.

The Atlantic also reports that they required users to insert paper or plastic tokens that were specific to certain banks, and often specific to certain ATM locations. The tokens had to be mailed back to the customers by the bank.

The clunky operation delayed full acceptance of the new technology, said Bernardo Batiz-Lazo, an ATM historian, according to ABC News.

"They were popular, but it took a long time to slowly convince customers to learn about ATMs and use them regularly," Batiz-Lazo said.

But customers began to accept ATMs and the Credit Union ATM when they realized the machines were welcome alternatives to standing in a long bank line. The presence of the devices eliminated the need to withdraw large amounts of cash prior to the start of the weekend and permitted impromptu shopping and dining.

Today there are more than 425,000 ATMs in the U.S. and approximately 3 million worldwide, according to Statistics Brain.

Cummins Allison adds to the history
The history of the ATM is a fascinating one - and it's still being written, thanks to companies like Cummins Allison. The modern ATM, such as the Full-function ATMs H34 Series, combine convenience, accessibility and security and allow customers to make cash withdrawals and make deposits quickly and in the manner that's convenient for them: automated deposit, envelope deposit or no envelope deposit.

In addition, modern ATMs like the H34 Series offers the latest features - account balance checking, transfers, etc. - with the security of EMV software that can be upgraded to the latest version for up-to-minute security. Prompt service whenever it's needed maximizes the H34 Series' uptime and reduced the total cost of ownership.

"The ATM tapped into that innate force in people that gives gratification for doing a task on their own and it grew from there," said MIT Sloan School of Management professor Charles Kane, as quoted by ABC News.

So long as ATMs are in use, people far and wide should be able to enjoy that gratification, whether on their feet or in the comfort of their car, for many years to come.