The global cardless ATM market revenue was around US$ 2.4 billion in 2023 and is estimated to reach US$ 6 billion by 2032, growing at a compound annual growth rate (CAGR) of 10.6% during the forecast period from 2024 to 2032.
Customers who utilize cardless ATMs can quickly put the withdrawal on their banking app before completing the withdrawal at any provided ATM, as well as digitally locate the closest banks, ATMs, and other institutions. Also, it decreases the cost of teller service and fraud, augmenting mobile banking participation. Additionally, this novel method that makes the usage of the existing card rails increases security and efficiency.
Factors Influencing Market Growth
- The rise in the level of technical improvement in IoT technologies, like the incorporation of data analysis tools propels the growth of the cardless ATM market.
- The market development is likely to be hindered by the rise in data breaches and the increase in problems with data security.
- The surge in integration of next-generation smart ATMs that can be remotely supported further boosts the demand for cardless ATMs among end-users, which is expected to contribute toward market growth.
Impact of COVID-19
The impact of COVID-19 pandemic had a negative influence on the market for the smart financial hardware industry because many bank ATMs were closed during the lockdown. The governments of every country in the world carried out this action to control new ATM installations. As individuals chose UPI and other cellular transactions during COVID-19, which affected the growth of the market, the limitation of the pandemic further declined ATM transactions.
Regional Analysis
In 2023, North America dominated the global cardless ATM market in terms of revenue. This is attributed to the developed IT infrastructure of the North American region as it makes it easier to execute IoT-based devices in the BFSI sector, like smart ATMs, contributing to the considerable share of the region in the cardless ATM market.
Leading Companies
The leading prominent companies profiled in the global cardless ATM market are: -
- Citigroup Inc.
- JPMorgan Chase and Co.
- Wells Fargo
- NCR Corporation
- Fujitsu
- Barclays Bank Plc
- HSBC Bank A.S.
- GRGBanking
- ICICI Bank Ltd.
- Banco Santander S.A.
- Other prominent key players
Segmentation Outline
The global cardless ATM market segmentation focuses on Type, Technology, End User, and Region.
Segmentation based on Type
- On-site ATM
- Off-site ATM
- Others
Segmentation based on Technology
- Near-field Communication (NFC)
- Quick Response (QR) Codes
- Biometric Verification
Segmentation based on End User
- Bank and Financial Institutions
- Independent ATM Deployer
Segmentation based on Region
- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa