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John Adrian Shepherd-Baron was taking a shower in his bathroom.
It was the year 1965, and Britain had implemented strict banking rules. John was a little late arriving at his bank branch that day and could not withdraw money for the upcoming weekend. He came home angrily and went straight to the bathroom to take a shower.
John was in his bathtub, and suddenly, like Archimedes, âEurekaââ¦means a Eureka Moment came into his life. He suddenly had a thought that there must be a way to withdraw my own money all over the world at any time. Just like a chocolate bar dispenser, money should come out of it instead of chocolate.
Johnâs previous experience working with Da La Rue Instruments, a British banknote manufacturer, security printer, and papermaker Company, proved fateful. John got an opportunity to meet the General Manager of Barclays Bank. He grabbed this opportunity and pitched his ideas to the general manager. He said, âIf you insert your standard Barclays cheque into the dispenser machine slot, the machine will give you the mentioned amount at any time of the day.â
If some of the stories are to be believed, one contract was signed with the company of Pink Jean Cocktail shortly after some time. Two years later, in 1967, the worldâs first Automated Teller Machine (ATM) was installed at Barclays Bankâs North London branch. Actor Reg Varney from the popular television series âOn the Busesâ was invited to be the first to withdraw money from the machine.
This machine was operated only using cheques. Each of the cheques contained a specific type of radioactive chemical that was non-harmful to the human body. These cheques contained a Personal Identification Number (PIN), which each user had to enter at the transaction time. It was his wifeâs idea that a four-digit pin code would be more accessible for people to remember rather than a long six-digit pin code.
The worldâs first ATM allowed us to withdraw only 10 Euros every time, but that was enough to enjoy a weekend, according to John.
Now tell us, where is the problem in executing your idea?
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