The Asia Pacific Cardless ATM Market would witness market growth of 10.6% CAGR during the forecast period (2023-2029).
Cardless ATMs provide numerous advantages for individuals who are enthusiastic about the convergence of ATMs and mobile app technology. Cardless ATMs have emerged as a recent fintech innovation, enabling users to withdraw cash without needing a physical debit card, which is why individuals are widely accepting this technology. Cardless automated teller machines (ATMs) operate through various methods, and QR codes and NFC are the two primary types of cardless technologies utilized in the business world.
In the current business climate, where there is ongoing concern regarding COVID-19 and other microorganisms, the ability to avoid physically inserting a card into an ATM is a valuable advantage. Also, minimizing contact with frequently touched surfaces can be a beneficial approach to reducing the spread of harmful microbes.
The 24/7 availability of transactional services offered by banks at multiple locations has led to an increased demand for ATM machines. Technological advancements in the banking and financial sector have led to the evolution of ATMs from basic cash dispensing machines to sophisticated communication channels that offer personalized and enhanced services. In addition, the implementation of integrated and value-added services has contributed to the establishment of customer loyalty.
Increased spending on infrastructure, efficient project execution, and ongoing regulatory changes are all expected to contribute positively to the expansion of the banking business. In addition, because rapidly expanding businesses are increasingly looking to banks for credit, India's banking sector is in a strong position to participate in the country's economic growth. The banking sector is placing a greater emphasis on providing improved services to its clients and modernizing its technological infrastructure to enhance the whole banking experience for customers and give banks a competitive advantage. As a result, due to the expansion of the banking industry, it is anticipated that the market in the APAC region will experience growth.
The China market dominated the Asia Pacific Cardless ATM Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $314.8 Million by 2029. The Japan market is estimated to grow a CAGR of 9.9% during (2023 - 2029). Additionally, The India market would display a CAGR of 11.2% during (2023 - 2029).
Based on Type, the market is segmented into Offsite, Onsite, and Others. Based on End User, the market is segmented into Bank & Financial Institutions and Independent ATM Deployer. Based on Technology, the market is segmented into Near-field Communication (NFC), Biometric Verification, and Quick Response (QR) Codes. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cardless ATM Market is Projected to reach USD 3.9 Billion by 2029, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, HSBC Holdings plc, Barclays PLC, ICICI Bank Ltd. (The ICICI group), Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, BANCO SANTANDER, S.A., NCR Corporation and GRGBanking Equipment Co., Ltd.
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