Authored By: Sarah
11 Jul 2024

 Cardless Atm Market Size to grow by USD 1915.8 million between 2024-2028

According to a research report “ Cardless Atm Market” by Type (Offsite ATM, Onsite ATM, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1915.8 million, at a CAGR of  6.36% during the forecast period. The global smartphone market is experiencing significant growth, with a notable increase in sales of affordable smartphones priced under USD200. This trend is particularly prevalent in developing regions such as APAC, including countries like India, Vietnam, the Philippines, Sri Lanka, and Pakistan, and in EMEA, specifically Spain, Greece, and Turkey. Notable smartphone models in this price range include the Nokia 7.1 and Nokia 6.1. China and India represent high-growth potential markets for low-cost smartphones, with manufacturers like Xiaomi Corp., Guangdong Oppo Mobile Telecommunications Corp., Ltd., and OnePlus Technology Co., Ltd. capitalizing on this demand and generating substantial profits.

Browse market data tables, figures, and in-depth TOC on “Cardless Atm Market” by Type (Offsite ATM, Onsite ATM, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Offsite ATM segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

In the global cardless ATM market, off-site ATMs have emerged as the leading segment, accounting for a significant market share. These ATMs, which are installed independently and situated outside of banking institutions, are strategically placed in high-traffic locations such as transportation hubs, educational institutions, and commercial centers. To utilize cardless transactions at off-site ATMs, consumers must install the corresponding application software provided by their banks. Employing near-field communication (NFC) technology, QR codes, and app-generated codes, these ATMs securely receive information from consumers' smartphones to facilitate seamless, branch-less banking services.

North America is forecasted to hold the largest market size by region in 2024

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.

The Cardless Atm Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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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Research Analysis Overview

The Cardless ATM market is a rapidly growing segment in the banking industry, enabled by advanced technologies such as geolocation services, QR code scanning, NFC, and biometrics. This market allows customers to withdraw cash or perform other transactions, such as cash deposits and balance inquiries, without using traditional ATM cards. Instead, users access their accounts through banking apps on their mobile devices. Banks and technology providers, including NCR Corporation, are investing in this market to enhance user experience and improve security. Interoperability between different banking apps and ATMs is crucial for customer convenience, and security measures such as passcodes, biometrics, and NFC help prevent fraud and skimming. Startups and mobile app developers are also entering the market, offering innovative solutions and features. For instance, some apps allow users to perform teller services, such as bill payments and account transfers, directly from the ATM. Overall, the Cardless ATM market offers a more convenient, secure, and contactless banking experience for customers, and is poised for significant growth in the coming years. However, it is essential to ensure that these new technologies are implemented with robust security measures to protect against potential physical and digital threats.

Market Research Overview

The Cardless ATM market is witnessing significant growth due to the integration of advanced technologies such as geolocation services, facial recognition, and IoT. These technologies enable contactless payment options, eliminating the need for physical PINs and cards. Azure Cognitive Services, NAB, IMT Payment System, Empays Payment, and other technology vendors are leading the way in this innovation. Smart ATMs using NFC-enabled devices, QR codes, and biometrics are becoming increasingly popular. Banks and financial institutions are partnering with technology providers and systems integrators to offer cashless transactions through banking apps and UPI. However, the shift to cardless transactions also brings new challenges, including data security and fraud. Blockchain and artificial intelligence are being used to enhance security and prevent data breaches. Competitors like Mastercard, Huawei Cloud, GUOXIN MICRO, and NEXGO are also entering the market, offering advanced solutions. OEMs, mobile app developers, and ATM manufacturers are also investing in smart hardware and communication technologies to enhance user experience and interoperability. However, concerns around data analysis tools and IoT technologies raise questions around privacy and potential data misuse. Despite these challenges, the market for cardless ATMs is expected to grow, driven by the increasing adoption of digital currency and the desire for cashless transactions. However, it is essential to address concerns around data security, interoperability, and user experience to ensure customer trust and satisfaction.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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