This device, integral to automated teller machines, allows customers to access their bank accounts by inserting a debit or credit card. The device reads the card’s magnetic stripe or embedded chip, initiating the transaction process. A typical example involves inserting a card, entering a PIN, and selecting a transaction type.
Secure access to financial services is facilitated through this technology, enabling cash withdrawals, balance inquiries, and fund transfers anytime, anywhere. Initially utilizing magnetic stripe technology, the industry has evolved to incorporate chip card readers for enhanced security against fraud and data theft. This shift underscores the crucial role of this technology in modern banking.