Cardless ATM Market

Global Cardless ATM Market Size, Share & Industry Trends Analysis Report By Type (Offsite, Onsite), By End User (Bank & Financial Institutions and Independent ATM Deployer), By Technology, By Regional Outlook and Forecast, 2023 - 2029

Report Id: KBV-14871 Publication Date: April-2023 Number of Pages: 193
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Market Report Description

The Global Cardless ATM Market size is expected to reach $3.9 billion by 2029, rising at a market growth of 9.8% CAGR during the forecast period.

Cardless ATM users can conveniently initiate withdrawals through their banking app and digitally locate nearby banks, ATMs, and other financial institutions. Furthermore, it lowers operational expenses related to teller services and minimizes the risk of fraudulent activities, thereby boosting the adoption of mobile banking. Moreover, this innovative strategy utilizing the current card rails enhances productivity and safety.

Cardless ATM Market Size - Global Opportunities and Trends Analysis Report 2019-2029

Cardless ATMs are a popular addition to bank locations as they offer customers the advantage of deposits, cash withdrawals, and transfers without the need for a physical card. Moreover, the increasing technological progress in IoT technologies, such as the incorporation of data analysis tools, is driving the expansion of the cardless ATM market. Furthermore, the increasing adoption of advanced smart ATMs that can be managed remotely is driving the need for cardless ATMs among customers, which is expected to boost the development of the cardless ATM market.

The digitalization of production procedures, quality control, maintenance, and other aspects of the manufacturing ecosystem through Industry 4.0 machines, technology, and equipment is revolutionizing the manufacturing industry. Incorporating cutting-edge technologies like IoT, AI, and big data into the production and manufacturing procedures of cardless ATM manufacturing can yield substantial advantages in terms of operational efficiency, security, connectivity, and customer satisfaction.

COVID-19 Impact Analysis

The cardless ATM market experienced a downturn due to the COVID-19 pandemic, as several bank ATMs were closed during the lockdown period. The disruption of supply chains caused a significant decline in demand and sales, negatively impacting manufacturing, sales, and delivery schedules. Moreover, governments around the world implemented measures to prohibit the installation of new ATMs. The market's growth was impacted by the increasing preference of individuals towards UPI and other mobile transactions during the pandemic. Hence, the restrictions imposed during the pandemic led to a further decline in ATM transactions.

Market Growth Factors

The rising utilization of biometric ATMs

In biometric technologies like fingerprint recognition, the user must initially press their finger onto the sensor for the system to function properly. In spite of this, worries regarding cleanliness are growing in various countries as a direct result of the spread of potentially fatal diseases like avian influenza, Ebola, and swine flu. On the other hand, to combat difficulties relating to the spread of contagious illnesses, vendors operating in the market for cardless ATMs have moved their focus to contactless biometrics. This includes the scanning of the retina and iris, as well as 3D facial recognition. As a result, an increase in the use of biometrics in the market for cardless ATMs would make new prospects for growth available to the vendors focusing on this market.

The rising utilization of smartphones

The cardless cash solution allows customers to easily initiate transactions through their mobile banking app by utilizing a one-time code or QR code. The key players in this space are providing convenient and secure customer payment options. In addition, the offered solutions allow customers to utilize their smartphones for biometric authentication, including fingerprint or facial recognition. The various benefits offered by the cardless ATM, and its vendors and the rising penetration of smartphones are expected to surge the market growth.

Market Restraining Factors

Strict regulations on contactless payment transactions

It is common for geographical regions to establish a set fee for each contactless transaction. The limitation on individual payments restricts users from conducting only minor transactions via NFC-enabled gadgets like smartphones, which is a disadvantage of cardless ATMs. Furthermore, the transaction limit is subject to change based on the clearance obtained from the relevant central banks. The limits have been implemented to mitigate the risk of fraud, as cardless payment devices are vulnerable to unauthorized access when ATMs are situated nearby. Nevertheless, these regulations are anticipated to restrict the market expansion throughout the projected period.

Type Outlook

Based on type, the cardless ATM market is segmented into on-site, off-site, and others. The off-site segment dominated the cardless ATM market with maximum revenue share in 2022. This is because off-site cardless ATMs are a popular choice among customers due to their accessibility and convenience. Off-site cardless ATMs can be strategically placed in high-traffic areas, like airports, retail stores, and transportation places, to provide convenient access to customers. This service provides customers with a convenient way to access cash without the need to visit a physical bank or financial institution.

Cardless ATM Market Share and Industry Analysis Report 2022

Technology Outlook

On the basis of technology, the cardless ATM market is fragmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. The near-field communication (NFC) segment held the highest revenue share in the cardless ATM market in 2022. This is because near-field communication (NFC) is a cutting-edge technology that enables users to transmit data wirelessly over a short range by holding up their mobile device to a receiver using radio frequency. Cardless ATMs equipped with NFC technology allow users to hold up their mobile devices with the mobile wallet or banking app open to the ATM's NFC receiver for a seamless transaction.

End User Outlook

By end user, the cardless ATM market is bifurcated into bank & financial institutions, and independent ATM deployer. The independent ATM deployer segment garnered a prominent revenue share in the cardless ATM market in 2022. This is owing to the fact that an independent ATM Deployer (IAD) is a business entity that owns, operates, and installs ATMs (cash machines) in various locations, including retail establishments. In addition, cardless ATM machine usage is increasing in various locations, such as metro stations, shopping malls, and co-working spaces, resulting in growth in this market segment in the projected period.

Cardless ATM Market Report Coverage
Report Attribute Details
Market size value in 2022 USD 2 Billion
Market size forecast in 2029 USD 3.9 Billion
Base Year 2022
Historical Period 2019 to 2021
Forecast Period 2023 to 2029
Revenue Growth Rate CAGR of 9.8% from 2023 to 2029
Number of Pages 193
Number of Table 340
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered Type, Technology, End User, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • The rising utilization of biometric ATMs
  • The rising utilization of smartphones
  • Strict regulations on contactless payment transactions

Regional Outlook

Region wise, the cardless ATM market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region registered the highest revenue share in the cardless ATM market in 2022. The growth of the regional market can be attributed to the well-established IT infrastructure, facilitating the integration of IoT-based devices in the BFSI sector, including smart ATMs. Furthermore, the market growth is being driven by the rising use of mobile banking and the growing concerns regarding ATM security.

Free Valuable Insights: Global Cardless ATM Market size to reach USD 3.9 Billion by 2029

The market research report covers the analysis of key stakeholders 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.

Scope of the Study

Market Segments Covered in the Report:

By Type

  • Offsite
  • Onsite
  • Others

By End User

  • Bank & Financial Institutions
  • Independent ATM Deployer

By Technology

  • Near-field Communication (NFC)
  • Biometric Verification
  • Quick Response (QR) Codes

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Fujitsu Limited
  • HSBC Holdings plc
  • Barclays PLC
  • ICICI Bank Ltd. (The ICICI group)
  • Citigroup Inc.
  • JPMorgan Chase & Co.
  • Wells Fargo & Company
  • NCR Corporation
  • GRGBanking Equipment Co., Ltd.
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Frequently Asked Questions About This Report

The Market size is projected to reach USD 3.9 billion by 2029.

The rising utilization of smartphones are driving the market in coming years, however, Strict regulations on contactless payment transactions restraints the growth of the market.

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.

The Bank & Financial Institutions segment acquired maximum revenue share in the Market by End User in 2022 thereby, achieving a market value of $2.8 billion by 2029.

The North America market dominated the Global Cardless ATM Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.4 billion by 2029.



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