Cardless ATM Market: A Comprehensive Analysis by Type, Technology, End User, and Region

Global Cardless ATM Market size reached USD 2.56 Bn in 2023 and is expected to reach USD 5.15 Bn by 2030, growing at a CAGR of 10.5 % during the forecast period.

Cardless ATM is a physical cash machine that allows people to withdraw money from their digital bank accounts without using their payment cards. The cardless ATM market has seen significant growth in recent years, with increasing adoption of NFC (Near Field Communication), QR codes, and biometric authentication driving the market forward. The cardless cash withdrawal facility is available in a few banks through its ATM services. The growth is expected to continue over the next several years as more people adopt mobile payments and seek faster, more convenient ways to access their money. The widespread adoption of cardless ATM technology across different regions shows its potential for growth and importance in the future of banking. As more financial institutions continue to offer cardless ATM services, it is expected to become more common and accessible to people all over the world.
Cardless ATM Market Overview:
The global Cardless ATM Market is highly competitive and includes several key players that offer a range of solutions for financial institutions and customers. Banco Santander SA, Barclays Bank Plc, Citigroup Inc., Commonwealth Bank of Australia, Diebold Nixdorf Inc., Fifth Third Bancorp, Fujitsu Ltd., GRG Banking, and HDFC Bank Ltd. are leading players in the Cardless ATM Market. Cardless ATM manufacturers partner with financial institutions to develop and implement solutions that meet the specific needs of their customers. These partnerships help to ensure that the solutions offered are user-friendly and meet the highest standards of security and compliance. A global payments technology company, Mastercard offers a cardless ATM solution called Mastercard Cash Pick-Up, which enables cardless cash withdrawals at participating ATMs using a mobile device and a secure code.

Cardless ATM Market offers a comprehensive overview of the current market situation and provides a forecast until 2030. This report provides qualitative and quantitative information that highlights important market developments, trends, challenges, competition, and new opportunities within Cardless ATM Market. This report aims to provide a comprehensive presentation of the global market for Cardless ATMs, with both quantitative and qualitative analysis to help readers develop business/growth strategies, assess the market competitive situation, and analyze their position in the current marketplace.

The report also discusses technological trends and new product developments. It includes Porter’s Five Forces analysis which explains the five forces: namely buyers' bargaining power, supplier's bargaining power, the threat of new entrants, and the degree of competition in the Cardless ATM Market. The report also focuses on the competitive landscape of the Market. The analysis will help the Cardless ATM market players to understand the present situation of the market.

To know about the Research Methodology :- Request Free Sample Report
Cardless ATM Market Dynamics:
Increased penetration of smartphones to drive the Cardless ATM Market
The increased penetration of smartphones is a key factor driving the growth of the cardless ATM market. With the widespread use of smartphones, consumers are increasingly looking for more convenient and secure ways to access their funds without the need for physical payment cards. Moreover, cardless ATM solutions leverage the security features of smartphones, such as biometric authentication, to provide added security and protection against fraud and cyber threats. This is particularly important given the increasing prevalence of cyber threats and the need for secure and reliable payment solutions. The COVID-19 pandemic has accelerated the adoption of contactless payment solutions, including cardless ATMs, as consumers seek to minimize their physical interactions with payment devices. As a result, financial institutions and cardless ATM manufacturers have been investing in the development and deployment of cardless ATM solutions to meet the growing demand for contactless payment options.

Leading key player FIS's Cardless Cash solution enables customers to initiate a cardless transaction through their mobile banking app, using a one-time code or QR code. The solution also includes the option for customers to use their smartphones for biometric authentication, such as fingerprint or facial recognition.
The security and convenience benefits offered by cardless ATMs are key drivers of the growth in the cardless ATM market
Cardless ATMs offer enhanced security and convenience benefits over traditional ATM transactions, making them a popular choice among customers. People all around the world are increasingly looking for more secure alternatives as they become more aware of the risks associated with traditional ATM transactions, such as card skimming and fraud. Cardless ATM manufacturers offer value-added services, such as bill payments, balance inquiries, and mobile wallet integrations, that can generate additional revenue for financial institutions. With the continued growth of contactless payment options, such as mobile wallets and QR codes, cardless ATMs are becoming more important as part of a broader trend toward contactless transactions.

This increased convenience is driving demand for the cardless ATM market during the forecast period. NCR Corporation is a cardless ATM manufacturer that uses advanced fraud prevention techniques such as real-time transaction monitoring to detect and prevent fraudulent transactions. NCR's cardless ATM technology also offers dynamic CVV codes that change with every transaction, making it difficult for fraudsters to use stolen card data. These advanced features provided by the market players for secure and convenient transactions are expected to boost the demand for the cardless ATM market during the forecast period.
Integration of Industry 4.0 Technologies into Cardless ATMs to Drive the Market
Integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data into the manufacturing and production processes of cardless ATM manufacturing can bring significant benefits in terms of efficiency, connectivity, security, and customer experience. Industry 4.0 technologies can enable cardless ATM manufacturers to monitor the performance of their machines in real time, identifying potential issues before they occur and enabling predictive maintenance. The advanced technologies can enable cardless ATM manufacturers to automate and streamline production processes, reducing production time and costs while improving quality and helping financial institutions to better serve their customers and stay competitive in a rapidly evolving industry. Therefore, a rise in the Integration of Industry 4.0 technologies into the cardless ATM market will open new growth opportunities for the market's key players.
Regulations on contactless payment transactions can be a challenging factor for the growth of the cardless ATM market.
One of the main regulatory challenges for the cardless ATM market is ensuring the security and privacy of transactions. Financial regulators are responsible for ensuring that cardless ATM transactions meet strict security standards and protect customers' personal and financial information. This includes regulations on authentication, encryption, and data protection. Regulations on contactless payment transactions can present challenges for the cardless ATM market but they are also essential for ensuring the security and reliability of the technology. As the technology continues to evolve, it will be important for financial regulators to keep pace with the changes and adapt their regulations accordingly to facilitate the growth of the cardless ATM market.
Cardless ATM Market Segment Analysis:
Based on the Type, the Off-site segment held the largest revenue share of 21.2 % in 2023. Off-site cardless ATMs are becoming increasingly popular due to their convenience and accessibility. Off-site cardless ATMs can be placed in locations that are easily accessible to customers, such as retail stores, airports, and transportation hubs. This makes it more convenient for customers to access cash without having to travel to a bank or financial institution. As technology continues to evolve and customer preferences shift, the demand for off-site cardless ATMs is likely to continue to grow during the forecast period.

Based on the Application, the demand for Quick Response (QR) Codes segment in cardless ATM transactions is growing rapidly during the forecast period. The QR code-based cardless ATMs can be less expensive to install and maintain compared to traditional ATMs, as they require less physical infrastructure and can be remotely monitored and serviced. The COVID-19 pandemic has accelerated the adoption of QR code-based cardless ATM transactions. Customers are increasingly looking for touchless and contactless payment options to reduce the risk of exposure to the virus. Thus, the segment is expected to grow during the forecast period.

Based on the End User, the banks and financial institutions segment held the largest revenue share of 10.2 % in 2023. Cardless ATMs can offer significant benefits for banks and financial institutions, helping them to provide better service to their customers while reducing costs and improving security. Offering cardless ATM services can help banks and financial institutions differentiate themselves from their competitors and attract new customers who are looking for more convenient and secure ways to access their accounts. Thus, the increasing use of Cardless ATMs by banks and financial institutions segment is expected to increase the Cardless ATM market demand during the forecast period.
Regional Insights
North America is expected to emerge as the major contributor in terms of revenue in the Cardless ATM market during the forecast period. The North American cardless ATM market is expected to experience significant growth in the coming years because of the increasing adoption of mobile banking, rising concerns over ATM security, and the ongoing COVID-19 pandemic. Large financial institutions in North America, such as Bank of America and Wells Fargo, have already implemented cardless ATM technology in many of their ATMs, making it available to their customers across the United States and Canada.

The United States is the largest market for cardless ATMs in North America because of the high adoption rate of mobile banking among consumers and the presence of major financial institutions in the region. However, Canada is also expected to see significant growth in the cardless ATM market due to increasing demand for touchless banking solutions and the growing use of mobile banking among consumers.

Some of the key players in the North American cardless ATM market include Diebold Nixdorf, FIS Global, NCR Corporation, PayPal, and Samsung Electronics. These companies are investing in research and development to improve the security, functionality, and convenience of cardless ATM solutions and gain a competitive advantage in the market.
Asia-Pacific:
Asia-Pacific is the second largest growing region across the globe in the Cardless ATM market. China has also seen significant growth in cardless ATM adoption, driven by the popularity of mobile payment systems such as Alipay and WeChat Pay. Some Chinese banks, such as China Construction Bank and Agricultural Bank of China, have introduced cardless ATM services that allow customers to withdraw cash using their mobile phones. Other countries in the Asia Pacific region, such as Japan, South Korea, and Australia, have also seen an increase in cardless ATM adoption in recent years, as more banks and financial institutions offer mobile banking services and seek to improve the customer experience. India and China are the largest markets for cardless ATMs in the Asia Pacific region because of the high adoption rate of mobile banking and the popularity of mobile payment systems in these countries.

Some of the key players in the Asia Pacific cardless ATM market include Diebold Nixdorf, FIS Global, NCR Corporation, Samsung Electronics, and Ant Financial Services Group. These companies are investing in research and development to improve the security, functionality, and convenience of cardless ATM solutions and gain a competitive advantage in the market.
Cardless ATM Market Scope: Inquiry Before Buying



Cardless ATM Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 2.56 Bn.


Forecast Period 2024 to 2030 CAGR:
10.5 %
Market Size in 2030:
US $ 5.15 Bn.


 Segments Covered:
by Type
1. On-site ATM
2. Off-site ATM
3. Others


by Technology
1. Near-field Communication (NFC)
2. Quick Response (QR) Codes
3. Biometric Verification


by End User
1. Bank and Financial Institutions
2. Independent ATM Deployer



Cardless ATM Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Cardless ATM Market Key Players
1. Banco Santander SA
2. Barclays Bank Plc
3. Citigroup Inc.
4. Commonwealth Bank of Australia
5. Diebold Nixdorf Inc.
6. Fifth Third Bancorp
7. Fujitsu Ltd.
8. GRG Banking
9. HDFC Bank Ltd.
10. HSBC Holdings Plc
11. Hyosung Corp.
12. ICICI Bank Ltd.
13. JPMorgan Chase and Co.
14. Kotak Mahindra Bank Ltd.
15. NCR Corp.
16. State Bank of India
17. Turk Ekonomi Bank AS
18. Wells Fargo and Co.
FAQs:
1. Who are the key players in the Cardless ATM market?
Ans. Banco Santander SA, Barclays Bank Plc, and Citigroup Inc. are the major companies operating in the Cardless ATM market.

2. Which Type segment dominates the Cardless ATM market?
Ans. The Off-Site ATM segment accounted for the largest share of the global Cardless ATM market in 2023.

3. How big is the Cardless ATM market?
Ans. The Global market size reached USD 2.56 Bn in 2023 and is expected to reach USD 5.15 Bn by 2030, growing at a CAGR of 10.5 % during the forecast period.

4. What are the key regions in the global Cardless ATM market?
Ans. Based On the region, the Cardless ATM Market has been classified into North America, Europe, Asia Pacific, the Middle, East and Africa, and Latin America. North America dominates the global market.

5. What is the study period of this market?
Ans. The Global market is studied from 2023 to 2030