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.
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. However, high costs for implementation restrains the cardless ATM market growth. On the contrary, 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.
The cardless ATM market is segmented into type, technology, end user, and region. By type, the market is differentiated into on-site ATM, off-site ATM and, and others. By technology, the market is classified into near-field communication (NFC), quick response (QR) codes, and biometric verification. By end user, it is categorized in bank & financial institutions and independent ATM deployer. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The cardless ATM market analysis includes top companies operating in the market such as Citigroup Inc., JPMorgan Chase and Co., Wells Fargo, NCR Corporation, Fujitsu, Barclays Bank Plc, HSBC Bank A.S., GRGBanking, ICICI Bank Ltd., and Banco Santander S.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the cardless ATM industry.
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. However, high costs for implementation restrains the cardless ATM market growth. On the contrary, 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.
The cardless ATM market is segmented into type, technology, end user, and region. By type, the market is differentiated into on-site ATM, off-site ATM and, and others. By technology, the market is classified into near-field communication (NFC), quick response (QR) codes, and biometric verification. By end user, it is categorized in bank & financial institutions and independent ATM deployer. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The cardless ATM market analysis includes top companies operating in the market such as Citigroup Inc., JPMorgan Chase and Co., Wells Fargo, NCR Corporation, Fujitsu, Barclays Bank Plc, HSBC Bank A.S., GRGBanking, ICICI Bank Ltd., and Banco Santander S.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the cardless ATM industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global cardless ATM market along with the current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global cardless ATM market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global cardless ATM market from 2021 to 2031 is provided to determine the market potential.
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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.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CARDLESS ATM MARKET, BY TYPE
CHAPTER 5: CARDLESS ATM MARKET, BY TECHNOLOGY
CHAPTER 6: CARDLESS ATM MARKET, BY END USER
CHAPTER 7: CARDLESS ATM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, 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.
The cardless ATM market is segmented into type, technology, end user, and region. By type, the market is differentiated into on-site ATM, off-site ATM and, and others. By technology, the market is classified into near-field communication (NFC), quick response (QR) codes, and biometric verification. By end user, it is categorized in bank & financial institutions and independent ATM deployer. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Portugal and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).
The key players profiled in the study include Citigroup Inc., JPMorgan Chase and Co., Wells Fargo, NCR Corporation, Fujitsu, Barclays Bank Plc, HSBC Bank A.S., GRGBanking, ICICI Bank Ltd., and Banco Santander S.A. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market. For instance, in June 2022, Cloud-based payment solutions provider, Empays Payment Systems India has partnered with Mastercard to launch contactless ATM solution in India due to COVID-19 pandemic. Under the partnership, Mastercard will help Empays to launch ‘Cardless ATM powered by Mastercard. Users may now withdraw cash without having to physically enter their debit or credit cards into the ATM owing to this innovation. India is the only other nation, except the United States, that offers its citizens access to such contactless ATMs.
Key Market Insights
By type, the on-site segment led the highest cardless ATM market share, in terms of revenue in 2021.By end user, the independent ATM deployer segment is expected to exhibit the fastest growth rate during the forecast period.
Region wise, North America generated the highest revenue in 2021 in cardless ATM market size.
Companies Mentioned
- Citigroup Inc.
- JPMorgan Chase & Co.
- Fujitsu
- Santander Group
- GRG Banking
- NCR Corporation
- HSBC Bank A.S.
- Wells Fargo
- Barclays Bank PLC
- ICICI Bank Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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