Cardless ATM Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 2.40 Billion |
| Market Size (2029) | USD 3.81 Billion |
| CAGR (2024 - 2029) | 9.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cardless ATM Market Analysis
The Cardless ATM Market size in terms of transaction value is expected to grow from USD 2.40 billion in 2024 to USD 3.81 billion by 2029, at a CAGR of 9.67% during the forecast period (2024-2029).
Cardless ATM transactions aim to enhance security by reducing the risk associated with physical card skimming. Authentication methods such as biometrics or additional passcodes may be implemented to ensure the security of mobile-based transactions. Some cardless ATM solutions utilize geolocation services to allow users to find the nearest ATMs using their mobile apps. This feature enhances convenience for users looking to locate and access ATMs without physical cards.
Financial institutions often collaborate with ATM manufacturers, technology providers, and mobile app developers to integrate cardless ATM functionalities into existing banking systems. This requires seamless integration between mobile apps and the ATM network. Cardless ATM transactions are not limited to cash withdrawals. Depending on the capabilities of the ATM and the supporting technology, users can also make cash deposits, check balances, and perform other transactions using their mobile devices.
The success of the cardless ATM market relies on customer adoption. Financial institutions invest in educating their customers about the convenience and security features of cardless transactions to encourage broader usage. Cardless ATM services offer an alternative to traditional card-based transactions, reducing dependency on physical cards. This can be particularly beneficial in scenarios where users may have forgotten their cards or prefer not to carry them. The cardless ATM market is expected to witness growth as technology continues to evolve. Innovations such as biometric authentication, advanced encryption, and improved user interfaces contribute to the expansion of this market. Financial institutions around the world are exploring and implementing cardless solutions to provide customers with modern and secure banking experiences.
Cardless ATM Market Trends
Increasing Usage of Near-field Communication (NFC) Technology
The cardless ATM market has witnessed a notable rise in the usage of NFC (Near Field Communication) technology. NFC enables contactless transactions, allowing users to initiate cardless ATM transactions by simply tapping their mobile devices on the ATM or using a contactless card. This eliminates the need for physical cards and enhances the overall user experience. NFC facilitates quick and efficient transactions. Users can complete cardless ATM transactions swiftly by tapping their NFC-enabled devices, reducing the time spent at the ATM and contributing to a more seamless banking experience. NFC technology enhances user convenience by providing a user-friendly and intuitive way to initiate transactions. NFC is often integrated into mobile banking apps, allowing users to generate and authenticate transactions seamlessly. The combination of mobile apps and NFC technology provides a comprehensive and user-centric solution for cardless ATM usage.
North America is the leading Region in Using Cardless Transactions
The high adoption of cardless transactions in North America suggests a growing market for cardless ATM solutions. Financial institutions and ATM providers are experiencing increased demand for cardless features as consumers embrace the convenience and security they offer. Financial institutions in North America are investing in upgrading their ATM networks to support cardless transactions. This could involve implementing new technologies such as mobile banking apps, QR code scanning, or Near Field Communication (NFC) for secure and convenient cardless transactions. The popularity of cardless transactions may lead to the implementation of advanced security measures in cardless ATM systems. This could include biometric authentication, multi-factor authentication, or other security features to protect users’ financial information. The leading role of North America in cardless transactions may prompt financial institutions to expand the accessibility of cardless-enabled ATMs. This expansion could cover various locations, including urban and rural areas, to ensure a broad user base.
Cardless ATM Industry Overview
The cardless ATM Market is highly competitive. Market dynamics also involve emerging startups introducing innovative solutions, contributing to a competitive landscape focused on enhancing user experience, security, and interoperability. Additionally, partnerships with banks and financial institutions play a crucial role in shaping the competitive dynamics of the cardless ATM market. Hence, this section is inclusive of the company profiles of the key players and industry analysis. The cardless ATM market is offered by groups such as Citigroup Inc., JPMorgan Chase & Co., Wells Fargo, NCR Corporation, Fujitsu, etc.
Cardless ATM Market Leaders
Citigroup Inc.
JPMorgan Chase & Co.
Wells Fargo
NCR Corporation
Fujitsu
*Disclaimer: Major Players sorted in no particular order
Cardless ATM Market News
- September 2023: India's first UPI-ATM was launched as a White Label ATM (WLA) by Hitachi Payment Services in collaboration with the National Payments Corporation of India (NPCI) to enable seamless cash withdrawals, eliminating the need to carry physical ATM cards. It offers an experience that allows customers of certain banks to enjoy QR-based cashless withdrawals.
- June 2023: Bank of Baroda Introduced cardless ATMs in India. According to the bank, cardless cash withdrawal helps to eliminate skimming, card cloning, and other card-related frauds.
Cardless ATM Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 The increasing acceptance and popularity of cashless transactions
4.3 Market Restraints
4.3.1 The availability of cardless ATMs is not uniform globally.
4.4 Market Opportunities
4.4.1 Opportunities arise from the expansion of mobile banking services
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Behavior Analysis
4.7 Insight on Various Government Regulations in the Market
4.8 Insights on Technological Innovations in the Market
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 On-site ATM
5.1.2 Off-site ATM
5.1.3 Other Types
5.2 By Technology
5.2.1 Near-field Communication (NFC)
5.2.2 Quick Response (QR) Codes
5.2.3 Biometric Verification
5.3 By Application
5.3.1 Banking
5.3.2 Retail
5.4 By Region
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 UK
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Argentina
5.4.4.2 Brazil
5.4.4.3 Chile
5.4.4.4 Rest of South America
5.4.5 Middle East & Africa
5.4.5.1 UAE
5.4.5.2 Saudi Arabia
5.4.5.3 Israel
5.4.5.4 South Africa
5.4.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profile
6.2.1 Citigroup Inc.
6.2.2 JPMorgan Chase & Co.
6.2.3 Wells Fargo
6.2.4 NCR Corporation
6.2.5 Fujitsu
6.2.6 Barclays Bank PLC
6.2.7 HSBC Bank A.S.
6.2.8 GRG Banking
6.2.9 ICICI Bank Ltd.
6.2.10 Santander Group*
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Cardless ATM Industry Segmentation
Cardless ATMs provide access to your account and allow you to withdraw cash without the need for a card. Instead, they rely on account verification via text message or a banking app on your smartphone. There are several ways that cardless ATMs can function.
The study gives a brief description of the cardless ATM market and includes details on cash withdrawals and deposits, reduced card dependency, and enhanced security. The cardless ATM market is segmented by type, technology, application, and geography. By type, the market is segmented into on-site ATMs, off-site ATMs, and other types. Others include voice recognition, near-field communication, virtual card numbers, and dynamic authentication methods. By technology, the market is segmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. By application, the market is segmented into banking and retail. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle-East, Africa, and South America.
The report offers market size and forecasts for the cardless ATM market in value (USD) for all the above segments.
| By Type | |
| On-site ATM | |
| Off-site ATM | |
| Other Types |
| By Technology | |
| Near-field Communication (NFC) | |
| Quick Response (QR) Codes | |
| Biometric Verification |
| By Application | |
| Banking | |
| Retail |
| By Region | |||||||
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Cardless ATM Market Research FAQs
How big is the Cardless ATM Market?
The Cardless ATM Market size is expected to reach USD 2.40 billion in 2024 and grow at a CAGR of 9.67% to reach USD 3.81 billion by 2029.
What is the current Cardless ATM Market size?
In 2024, the Cardless ATM Market size is expected to reach USD 2.40 billion.
Who are the key players in Cardless ATM Market?
Citigroup Inc., JPMorgan Chase & Co., Wells Fargo, NCR Corporation and Fujitsu are the major companies operating in the Cardless ATM Market.
Which is the fastest growing region in Cardless ATM Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2029).
Which region has the biggest share in Cardless ATM Market?
In 2023, the North America accounts for the largest market share in Cardless ATM Market.
What years does this Cardless ATM Market cover, and what was the market size in 2023?
In 2023, the Cardless ATM Market size was estimated at USD 2.17 billion. The report covers the Cardless ATM Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cardless ATM Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cardless ATM Industry Report
Statistics for the 2024 Cardless ATM market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cardless ATM analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
