DUBLIN, Aug. 22, 2023 /PRNewswire/ — The “Cardless ATM Market by Type, Technology, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.

The Cardless ATM Market was valued at $2 billion in 2021, and is estimated to reach $5.2 billion by 2031, growing at a CAGR of 10.6% from 2022 to 2031.

The Cardless ATM Market is likely to experience a significant growth rate of 10.6% from 2022-2031 owing to increasing market demand from banking sector.

Users may access their accounts and make cash withdrawals at cardless or contactless ATMs without using a physical card. Users normally require the app from their banking institution, or the card details kept in the digital wallet to utilize the cardless option at the ATM.

Further, users of cardless ATMs can conduct ATM transactions using their bank’s mobile app. Furthermore, cardless ATMs are a practical means to access funds from a bank account if the user forgets their debit card or would like to touch an ATM’s screen as little as possible. In addition, clients who use cardless ATMs may rapidly set up the withdrawal on their banking app before making the withdrawal at any equipped ATM. They can also use their banking app to find the nearby ATMs, banks, and other institutions on the digital map.

Key factors driving the growth of the cardless ATM market include Banks use cardless ATMs to allow their clients the option of cash withdrawal, transfer, and deposit. The growth of IoT technology and the incorporation of data analysis tools, for example, will also help fuel cardless ATM market expansion.

Further, the market is experiencing growth owing to the rise in number of ATMs of the newest generation and the ongoing shift in the distribution of cardless ATMs on bank premises. Bank branches typically have cardless ATMs installed to make cash withdrawals, deposits, and transfers more convenient.

Moreover, the expansion of the cardless ATM market is fueled by the degree of technological development in IoT technologies, such as the inclusion of data analysis tools. Further, one of the main factors propelling the growth of the cardless automated teller machine (ATM) industry is the rising adoption of smartphones. The expanding sales of inexpensive smartphones have increased the penetration of smartphones in emerging nations.

Many functions that are often only seen in high-end smartphones have been implemented into low-cost handsets. Moreover, NFC chips allow smartphones to exchange data with other NFC-enabled devices in cardless ATMs when using the peer-to-peer communication architecture. On the other hand, a smartphone can scan QR codes on the ATM screen while doing QR code verification. Throughout the projected period, these factors are anticipated to propel the expansion of the worldwide cardless ATM market.

The market also offers growth opportunities to the key players in the market. Banks & financial institutions are distributing smart & contactless ATMs to provide a better experience to their customers, which is projected to boost the growth of the cardless ATM market. Further encouraging the demand for cardless ATMs among end users is the spike in integration of next-generation smart ATMs that can be remotely serviced, which is projected to support the expansion of the cardless ATM industry.

Market Dynamics

Drivers

• Increased penetration of smartphones
• Security and convenience offered by cardless ATMs

Restraints

• Less availability of cardless ATMs
• Device incompatibility

Opportunities

• Increase in adoption of artificial intelligence and machine learning
• Emergence of biometric ATMs

Key Market Segments

By Type

• On-site ATM
• Off-site ATM
• Others

By Technology

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

By End User

• Bank and Financial Institutions
• Independent ATM Deployer

By Region

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• Citigroup Inc.
• JPMorgan Chase & Co.
• Fujitsu
• Santander Group
• GRG Banking
• NCR Corporation
• HSBC Bank A.S.
• Wells Fargo
• Barclays Bank PLC
• ICICI Bank Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/sky7dl

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