Cardless ATM Market Size Analysis and Forecast 2031
The Cardless ATM market size is expected to grow from US$ 2.38 billion in 2023 to US$ 5.28 billion by 2031; it is anticipated to expand at a CAGR of 10.5% from 2023 to 2031. The digital transformation has also impacted the banking sector for good. Technology is being adopted to increase the accessibility and convenience for consumers in the banking sector. In this direction, banks across the globe are increasingly introducing mobile platforms, digital banking, and biometric authentication to offer better and more accessible solutions to consumers. In the wake of these developments, the cashless ATM market share is also witnessing a surge across the globe.
Cardless ATM Market Analysis
The cardless ATM market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Digital technology has altered the banking industry, improving efficiency and accessibility. Although financial technology reduces the need for frequent cash transactions, it also makes it easier to obtain cash when the consumer needs it. Cardless ATMs allow customers to complete ATM transactions using their smartphone's bank app. They are a simple way to withdraw money from a bank account if one forgets their debit card or wants to reduce the number of times the consumer has to touch an ATM's screen. This is one of the major factors driving the cardless ATM market growth globally.
Cardless ATM
Industry Overview
- Cardless ATM accounts improve security by eliminating the need for actual cards, simplifying transaction processes, and providing mobile banking services. As more people use formal financial services, the banking industry is increasing its focusing on cardless ATM accounts.
- ATMs that use physical cards encounter difficulties like theft, loss, and unauthorized access, highlighting the need for new solutions.
- Cardless ATM accounts, which use mobile banking apps and biometric authentication, provide a secure alternative to physical cards. Advanced authentication mechanisms improve security and mitigate hazards connected with physical card usage.
- Cardless ATM accounts are popular due to their faster transaction process and convenience of use. Mobile devices provide safe transaction authorization without the need for physical cards, leading to increased banking accessibility.
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Cardless ATM Market: Strategic Insights
Market Size Value in US$ 2.38 billion in 2023 Market Size Value by US$ 5.28 billion by 2031 Growth rate CAGR of 10.5% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Cardless ATM Market: Strategic Insights
| Market Size Value in | US$ 2.38 billion in 2023 |
| Market Size Value by | US$ 5.28 billion by 2031 |
| Growth rate | CAGR of 10.5% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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Cardless ATM Market Driver
Rise in Mobile Banking Across the Globe to Drive the Cardless ATM Market
- With the boom in digital banking and online transactions in the post-pandemic times, the reliance on ATMs was diminished. The application of ATMs is under question with the increasing movement towards cashless economies around the world. This prompted the banking sector and ATM providers to rethink the technology, and this pushed them to offer cashless ATMs to consumers.
- Cardless ATMs are seen as the "next big trend" in the banking industry. Major institutions such as Bank of America and Chase have already implemented cardless ATMs. According to Wilson Kerr of Unbound Commerce, "As biometric technology improves and secures smartphone access measures, innovations such as cardless ATMs will become the norm."
- Among the most recent advances, QR codes in cardless ATMs are expanding at an unprecedented rate.
- These cardless ATMs are significantly easier to install and less expensive to maintain. In December 2021, one of the world’s digital banking and payments platform providers, CR2, today announced that it has provided this zero-touch ATM cash withdrawal solution for one of the most progressive banks in the African continent today. Cashless ATMs appeal to the more sophisticated mobile banking users, and this has been driving the cardless ATM market growth.
Cardless ATM
Market Report Segmentation Analysis
- Based on technology, the cardless ATM market report is segmented into near-field communication (NFC), quick response (QR) codes, and biometric verification.
- The near-field communication (NFC) segment is expected to hold a significant Cardless ATM market share in 2023. When the user taps their mobile device against the contactless symbol at an ATM, near-field communication (NFC) launches their phone's digital wallet app. From the app screen, the user can select the card they want to use and enter the PIN to complete the ATM transaction.
Cardless ATM
Market Analysis by Geography
The scope of the Cardless ATM market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Cardless ATM market share. The region's significant economic development and increasing use of mobile banking technology are driving the adoption of cardless ATMs in the region. According to a 2023 stat by Fortunly, 89% of American bank account holders use mobile banking for account management.
Cardless ATM
Market Report Scope
The "Cardless ATM Market Analysis" was carried out based on type, technology, application, and geography. In terms of type, the market is segmented into on-site ATMs, off-site ATMs, and others. Based on technology, the cardless ATM market is segmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. Based on application, the cardless ATM market is segmented into banking and retail. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Cardless ATM
Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Cardless ATM market. A few recent key market developments are listed below:
- In June 2016, Bank of America revealed Thursday that it has unveiled 19 ATMs in San Antonio that allow users to withdraw cash using their smartphones. Customers can make transfers and check balances at cardless ATMs by utilizing a digital debit card stored on their smartphone.
[Source: Bank of America, Company Website]
- In September 2020, HSBC created in-house AI-powered technology to optimize cash-filling operations at its ATMs, which are now outsourced to third-party contractors. The technique was successfully tested on the bank's 1,200 ATM network in Hong Kong. The bank saved up to US$ 1 million because the number of ATM refills decreased by 15% after implementing the "iCash" AI technology.
[Source: HSBC Holdings Plc, Company Website]
Cardless ATM
Market Report Coverage & Deliverables
The market report "Cardless ATM Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The key players holding majority shares in the global cardless ATM market are Citigroup Inc.; JPMorgan Chase & Co.; Wells Fargo; NCR Corporation; and Barclays Bank PLC.
The global cardless ATM market is expected to reach US$ 5.28 billion by 2031.
The global cardless ATM market was estimated to be US$ 2.38 billion in 2023 and is expected to grow at a CAGR of 10.5% during the forecast period 2023 - 2031.
Integration with AI technologies is impacting the cardless ATM, which is anticipated to bring new cardless ATM market trends in the coming years.
The rise in mobile banking across the globe, rising digitalization in banking operations, and rise in user convenience offerings are the major factors that propel the global cardless ATM market.
- Citigroup Inc.
- JPMorgan Chase & Co.
- Wells Fargo
- NCR Corporation
- Fujitsu
- Barclays Bank PLC.
- HSBC Bank A.S.
- GRG Banking
- Bank of America
- PNC Bank
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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