Latest News: Cardless ATM Market 2024-2028: North America to Lead Growth and Innovation
The cardless ATM market size by Type (Offsite ATM, Onsite ATM, and Others) and Geography (North America, APAC, Europe, South America, and Middle East and Africa), is forecast to increase by USD 1.91 billion. The market is expected to grow at a CAGR of 6.36% between 2024 and 2028.
- In the realm of contactless transactions, regulatory bodies have imposed transaction limits on cardless ATM usage. For instance, HDFC Bank and ICICI Bank in India have set daily maximum limits of approximately USD127 and USD 254 respectively for cardless cash withdrawals. These restrictions are subject to central bank approvals and serve to mitigate potential security risks associated with NFC-based devices. The proximity of these devices to ATMs increases their susceptibility to unauthorized access, necessitating stringent transaction caps to safeguard users' funds.
- The Cardless ATM market signifies a significant advancement in the financial services sector, enabling customers to withdraw cash using their smartphones instead of traditional cards. This innovative technology offers convenience, security, and contactless transactions, aligning with the current trend towards digitalization and cashless payments. Market growth is driven by increasing consumer preference for mobile banking and the proliferation of smartphones, making it a lucrative business opportunity for financial institutions and technology providers.
To know which are the key countries participating in each region access the full PDF sample report
Some of the Key Companies:
- Banco Santander SA
- Barclays Bank Plc
- Citigroup Inc.
- Commonwealth Bank of Australia
- Diebold Nixdorf Inc.
- Fifth Third Bancorp
- Fujitsu Ltd.
- GRGBanking
- HDFC Bank Ltd.
- HSBC Holdings Plc
- Hyosung Corp.
- ICICI Bank Ltd.
- JPMorgan Chase and Co.
- Kotak Mahindra Bank Ltd.
- NCR Voyix Corp.
- State Bank of India
- Turk Ekonomi Bank AS
- Wells Fargo and Co.
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