The history of the Swedish ATM - Sparfrämjandet and Metior
AbstractIn this paper we describe the first decades of the history of the Swedish ATM (Automated teller machine). Sweden was one of the pioneers in using ATMs, starting with cash dispensers or cash machines in 1967. The first machine was made operational and shown to the press on July 6, 1967, in Uppsala at Upsala Sparbank, only one week after the first cash machine in the world was made operational in the UK. The Swedish machine was manufactured by the Malmö based company Metior. This paper seeks to document the origins and early development of cash machines by Swedish savings banks, employing oral as well as archival sources. Interestingly, we find that the key actor behind the ATM technology was not the saving banks’ computer company Spadab, but Sparfrämjandet, a company most known for its campaigns to encourage thrift among children.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 27083.
Date of creation: Nov 2010
Date of revision:
cash dispensers; automated teller machines (ATM); technological change; savings banks; Sweden.;
Find related papers by JEL classification:
- N8 - Economic History - - Micro-Business History
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
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"Technological change, financial innovation, and diffusion in banking,"
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