Global Cardless ATM Market Size, Share & Industry Trends Analysis Report By Type (Offsite, Onsite), By End User (Bank & Financial Institutions and Independent ATM Deployer), By Technology, By Regional Outlook and Forecast, 2023 - 2029

Global Cardless ATM Market Size, Share & Industry Trends Analysis Report By Type (Offsite, Onsite), By End User (Bank & Financial Institutions and Independent ATM Deployer), By Technology, By Regional Outlook and Forecast, 2023 - 2029


The Global Cardless ATM Market size is expected to reach $3.9 billion by 2029, rising at a market growth of 9.8% CAGR during the forecast period.

Cardless ATM users can conveniently initiate withdrawals through their banking app and digitally locate nearby banks, ATMs, and other financial institutions. Furthermore, it lowers operational expenses related to teller services and minimizes the risk of fraudulent activities, thereby boosting the adoption of mobile banking. Moreover, this innovative strategy utilizing the current card rails enhances productivity and safety.

Cardless ATMs are a popular addition to bank locations as they offer customers the advantage of deposits, cash withdrawals, and transfers without the need for a physical card. Moreover, the increasing technological progress in IoT technologies, such as the incorporation of data analysis tools, is driving the expansion of the cardless ATM market. Furthermore, the increasing adoption of advanced smart ATMs that can be managed remotely is driving the need for cardless ATMs among customers, which is expected to boost the development of the cardless ATM market.

The digitalization of production procedures, quality control, maintenance, and other aspects of the manufacturing ecosystem through Industry 4.0 machines, technology, and equipment is revolutionizing the manufacturing industry. Incorporating cutting-edge technologies like IoT, AI, and big data into the production and manufacturing procedures of cardless ATM manufacturing can yield substantial advantages in terms of operational efficiency, security, connectivity, and customer satisfaction.

COVID-19 Impact Analysis

The cardless ATM market experienced a downturn due to the COVID-19 pandemic, as several bank ATMs were closed during the lockdown period. The disruption of supply chains caused a significant decline in demand and sales, negatively impacting manufacturing, sales, and delivery schedules. Moreover, governments around the world implemented measures to prohibit the installation of new ATMs. The market's growth was impacted by the increasing preference of individuals towards UPI and other mobile transactions during the pandemic. Hence, the restrictions imposed during the pandemic led to a further decline in ATM transactions.

Market Growth Factors

The rising utilization of biometric ATMs

In biometric technologies like fingerprint recognition, the user must initially press their finger onto the sensor for the system to function properly. In spite of this, worries regarding cleanliness are growing in various countries as a direct result of the spread of potentially fatal diseases like avian influenza, Ebola, and swine flu. On the other hand, to combat difficulties relating to the spread of contagious illnesses, vendors operating in the market for cardless ATMs have moved their focus to contactless biometrics. This includes the scanning of the retina and iris, as well as 3D facial recognition. As a result, an increase in the use of biometrics in the market for cardless ATMs would make new prospects for growth available to the vendors focusing on this market.

The rising utilization of smartphones

The cardless cash solution allows customers to easily initiate transactions through their mobile banking app by utilizing a one-time code or QR code. The key players in this space are providing convenient and secure customer payment options. In addition, the offered solutions allow customers to utilize their smartphones for biometric authentication, including fingerprint or facial recognition. The various benefits offered by the cardless ATM and its vendors and the rising penetration of smartphones are expected to surge the market growth.

Market Restraining Factors

Strict regulations on contactless payment transactions

It is common for geographical regions to establish a set fee for each contactless transaction. The limitation on individual payments restricts users from conducting only minor transactions via NFC-enabled gadgets like smartphones, which is a disadvantage of cardless ATMs. Furthermore, the transaction limit is subject to change based on the clearance obtained from the relevant central banks. The limits have been implemented to mitigate the risk of fraud, as cardless payment devices are vulnerable to unauthorized access when ATMs are situated nearby. Nevertheless, these regulations are anticipated to restrict the market expansion throughout the projected period.

Type Outlook

Based on type, the cardless ATM market is segmented into on-site, off-site, and others. The off-site segment dominated the cardless ATM market with maximum revenue share in 2022. This is because off-site cardless ATMs are a popular choice among customers due to their accessibility and convenience. Off-site cardless ATMs can be strategically placed in high-traffic areas, like airports, retail stores, and transportation places, to provide convenient access to customers. This service provides customers with a convenient way to access cash without the need to visit a physical bank or financial institution.

Technology Outlook

On the basis of technology, the cardless ATM market is fragmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. The near-field communication (NFC) segment held the highest revenue share in the cardless ATM market in 2022. This is because near-field communication (NFC) is a cutting-edge technology that enables users to transmit data wirelessly over a short range by holding up their mobile device to a receiver using radio frequency. Cardless ATMs equipped with NFC technology allow users to hold up their mobile devices with the mobile wallet or banking app open to the ATM's NFC receiver for a seamless transaction.

End User Outlook

By end user, the cardless ATM market is bifurcated into bank & financial institutions, and independent ATM deployer. The independent ATM deployer segment garnered a prominent revenue share in the cardless ATM market in 2022. This is owing to the fact that an independent ATM Deployer (IAD) is a business entity that owns, operates, and installs ATMs (cash machines) in various locations, including retail establishments. In addition, cardless ATM machine usage is increasing in various locations, such as metro stations, shopping malls, and co-working spaces, resulting in growth in this market segment in the projected period.

Regional Outlook

Region wise, the cardless ATM market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region registered the highest revenue share in the cardless ATM market in 2022. The growth of the regional market can be attributed to the well-established IT infrastructure, facilitating the integration of IoT-based devices in the BFSI sector, including smart ATMs. Furthermore, the market growth is being driven by the rising use of mobile banking and the growing concerns regarding ATM security.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, HSBC Holdings plc, Barclays PLC, ICICI Bank Ltd. (The ICICI group), Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, BANCO SANTANDER, S.A., NCR Corporation and GRGBanking Equipment Co., Ltd.

Scope of the Study

Market Segments covered in the Report:

By Type

Offsite
Onsite
Others
By End User

Bank & Financial Institutions
Independent ATM Deployer
By Technology

Near-field Communication (NFC)
Biometric Verification
Quick Response (QR) Codes
By Geography

North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Companies Profiled

Fujitsu Limited
HSBC Holdings plc
Barclays PLC
ICICI Bank Ltd. (The ICICI group)
Citigroup Inc.
JPMorgan Chase & Co.
Wells Fargo & Company
BANCO SANTANDER, S.A.
NCR Corporation
GRGBanking Equipment Co., Ltd.
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Chapter
1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Cardless ATM Market, by Type
1.4.2 Global Cardless ATM Market, by End User
1.4.3 Global Cardless ATM Market, by Technology
1.4.4 Global Cardless ATM Market, by Geography
1.5 Methodology for the research
Chapter
2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter
3. Global Cardless ATM Market by Type
3.1 Global Offsite Market by Region
3.2 Global Onsite Market by Region
3.3 Global Others Market by Region
Chapter
4. Global Cardless ATM Market by End User
4.1 Global Bank & Financial Institutions Market by Region
4.2 Global Independent ATM Deployer Market by Region
Chapter
5. Global Cardless ATM Market by Technology
5.1 Global Near-field Communication (NFC) Market by Region
5.2 Global Biometric Verification Market by Region
5.3 Global Quick Response (QR) Codes Market by Region
Chapter
6. Global Cardless ATM Market by Region
6.1 North America Cardless ATM Market
6.1.1 North America Cardless ATM Market by Type
6.1.1.1 North America Offsite Market by Country
6.1.1.2 North America Onsite Market by Country
6.1.1.3 North America Others Market by Country
6.1.2 North America Cardless ATM Market by End User
6.1.2.1 North America Bank & Financial Institutions Market by Country
6.1.2.2 North America Independent ATM Deployer Market by Country
6.1.3 North America Cardless ATM Market by Technology
6.1.3.1 North America Near-field Communication (NFC) Market by Country
6.1.3.2 North America Biometric Verification Market by Country
6.1.3.3 North America Quick Response (QR) Codes Market by Country
6.1.4 North America Cardless ATM Market by Country
6.1.4.1 US Cardless ATM Market
6.1.4.1.1 US Cardless ATM Market by Type
6.1.4.1.2 US Cardless ATM Market by End User
6.1.4.1.3 US Cardless ATM Market by Technology
6.1.4.2 Canada Cardless ATM Market
6.1.4.2.1 Canada Cardless ATM Market by Type
6.1.4.2.2 Canada Cardless ATM Market by End User
6.1.4.2.3 Canada Cardless ATM Market by Technology
6.1.4.3 Mexico Cardless ATM Market
6.1.4.3.1 Mexico Cardless ATM Market by Type
6.1.4.3.2 Mexico Cardless ATM Market by End User
6.1.4.3.3 Mexico Cardless ATM Market by Technology
6.1.4.4 Rest of North America Cardless ATM Market
6.1.4.4.1 Rest of North America Cardless ATM Market by Type
6.1.4.4.2 Rest of North America Cardless ATM Market by End User
6.1.4.4.3 Rest of North America Cardless ATM Market by Technology
6.2 Europe Cardless ATM Market
6.2.1 Europe Cardless ATM Market by Type
6.2.1.1 Europe Offsite Market by Country
6.2.1.2 Europe Onsite Market by Country
6.2.1.3 Europe Others Market by Country
6.2.2 Europe Cardless ATM Market by End User
6.2.2.1 Europe Bank & Financial Institutions Market by Country
6.2.2.2 Europe Independent ATM Deployer Market by Country
6.2.3 Europe Cardless ATM Market by Technology
6.2.3.1 Europe Near-field Communication (NFC) Market by Country
6.2.3.2 Europe Biometric Verification Market by Country
6.2.3.3 Europe Quick Response (QR) Codes Market by Country
6.2.4 Europe Cardless ATM Market by Country
6.2.4.1 Germany Cardless ATM Market
6.2.4.1.1 Germany Cardless ATM Market by Type
6.2.4.1.2 Germany Cardless ATM Market by End User
6.2.4.1.3 Germany Cardless ATM Market by Technology
6.2.4.2 UK Cardless ATM Market
6.2.4.2.1 UK Cardless ATM Market by Type
6.2.4.2.2 UK Cardless ATM Market by End User
6.2.4.2.3 UK Cardless ATM Market by Technology
6.2.4.3 France Cardless ATM Market
6.2.4.3.1 France Cardless ATM Market by Type
6.2.4.3.2 France Cardless ATM Market by End User
6.2.4.3.3 France Cardless ATM Market by Technology
6.2.4.4 Russia Cardless ATM Market
6.2.4.4.1 Russia Cardless ATM Market by Type
6.2.4.4.2 Russia Cardless ATM Market by End User
6.2.4.4.3 Russia Cardless ATM Market by Technology
6.2.4.5 Spain Cardless ATM Market
6.2.4.5.1 Spain Cardless ATM Market by Type
6.2.4.5.2 Spain Cardless ATM Market by End User
6.2.4.5.3 Spain Cardless ATM Market by Technology
6.2.4.6 Italy Cardless ATM Market
6.2.4.6.1 Italy Cardless ATM Market by Type
6.2.4.6.2 Italy Cardless ATM Market by End User
6.2.4.6.3 Italy Cardless ATM Market by Technology
6.2.4.7 Rest of Europe Cardless ATM Market
6.2.4.7.1 Rest of Europe Cardless ATM Market by Type
6.2.4.7.2 Rest of Europe Cardless ATM Market by End User
6.2.4.7.3 Rest of Europe Cardless ATM Market by Technology
6.3 Asia Pacific Cardless ATM Market
6.3.1 Asia Pacific Cardless ATM Market by Type
6.3.1.1 Asia Pacific Offsite Market by Country
6.3.1.2 Asia Pacific Onsite Market by Country
6.3.1.3 Asia Pacific Others Market by Country
6.3.2 Asia Pacific Cardless ATM Market by End User
6.3.2.1 Asia Pacific Bank & Financial Institutions Market by Country
6.3.2.2 Asia Pacific Independent ATM Deployer Market by Country
6.3.3 Asia Pacific Cardless ATM Market by Technology
6.3.3.1 Asia Pacific Near-field Communication (NFC) Market by Country
6.3.3.2 Asia Pacific Biometric Verification Market by Country
6.3.3.3 Asia Pacific Quick Response (QR) Codes Market by Country
6.3.4 Asia Pacific Cardless ATM Market by Country
6.3.4.1 China Cardless ATM Market
6.3.4.1.1 China Cardless ATM Market by Type
6.3.4.1.2 China Cardless ATM Market by End User
6.3.4.1.3 China Cardless ATM Market by Technology
6.3.4.2 Japan Cardless ATM Market
6.3.4.2.1 Japan Cardless ATM Market by Type
6.3.4.2.2 Japan Cardless ATM Market by End User
6.3.4.2.3 Japan Cardless ATM Market by Technology
6.3.4.3 India Cardless ATM Market
6.3.4.3.1 India Cardless ATM Market by Type
6.3.4.3.2 India Cardless ATM Market by End User
6.3.4.3.3 India Cardless ATM Market by Technology
6.3.4.4 South Korea Cardless ATM Market
6.3.4.4.1 South Korea Cardless ATM Market by Type
6.3.4.4.2 South Korea Cardless ATM Market by End User
6.3.4.4.3 South Korea Cardless ATM Market by Technology
6.3.4.5 Singapore Cardless ATM Market
6.3.4.5.1 Singapore Cardless ATM Market by Type
6.3.4.5.2 Singapore Cardless ATM Market by End User
6.3.4.5.3 Singapore Cardless ATM Market by Technology
6.3.4.6 Malaysia Cardless ATM Market
6.3.4.6.1 Malaysia Cardless ATM Market by Type
6.3.4.6.2 Malaysia Cardless ATM Market by End User
6.3.4.6.3 Malaysia Cardless ATM Market by Technology
6.3.4.7 Rest of Asia Pacific Cardless ATM Market
6.3.4.7.1 Rest of Asia Pacific Cardless ATM Market by Type
6.3.4.7.2 Rest of Asia Pacific Cardless ATM Market by End User
6.3.4.7.3 Rest of Asia Pacific Cardless ATM Market by Technology
6.4 LAMEA Cardless ATM Market
6.4.1 LAMEA Cardless ATM Market by Type
6.4.1.1 LAMEA Offsite Market by Country
6.4.1.2 LAMEA Onsite Market by Country
6.4.1.3 LAMEA Others Market by Country
6.4.2 LAMEA Cardless ATM Market by End User
6.4.2.1 LAMEA Bank & Financial Institutions Market by Country
6.4.2.2 LAMEA Independent ATM Deployer Market by Country
6.4.3 LAMEA Cardless ATM Market by Technology
6.4.3.1 LAMEA Near-field Communication (NFC) Market by Country
6.4.3.2 LAMEA Biometric Verification Market by Country
6.4.3.3 LAMEA Quick Response (QR) Codes Market by Country
6.4.4 LAMEA Cardless ATM Market by Country
6.4.4.1 Brazil Cardless ATM Market
6.4.4.1.1 Brazil Cardless ATM Market by Type
6.4.4.1.2 Brazil Cardless ATM Market by End User
6.4.4.1.3 Brazil Cardless ATM Market by Technology
6.4.4.2 Argentina Cardless ATM Market
6.4.4.2.1 Argentina Cardless ATM Market by Type
6.4.4.2.2 Argentina Cardless ATM Market by End User
6.4.4.2.3 Argentina Cardless ATM Market by Technology
6.4.4.3 UAE Cardless ATM Market
6.4.4.3.1 UAE Cardless ATM Market by Type
6.4.4.3.2 UAE Cardless ATM Market by End User
6.4.4.3.3 UAE Cardless ATM Market by Technology
6.4.4.4 Saudi Arabia Cardless ATM Market
6.4.4.4.1 Saudi Arabia Cardless ATM Market by Type
6.4.4.4.2 Saudi Arabia Cardless ATM Market by End User
6.4.4.4.3 Saudi Arabia Cardless ATM Market by Technology
6.4.4.5 South Africa Cardless ATM Market
6.4.4.5.1 South Africa Cardless ATM Market by Type
6.4.4.5.2 South Africa Cardless ATM Market by End User
6.4.4.5.3 South Africa Cardless ATM Market by Technology
6.4.4.6 Nigeria Cardless ATM Market
6.4.4.6.1 Nigeria Cardless ATM Market by Type
6.4.4.6.2 Nigeria Cardless ATM Market by End User
6.4.4.6.3 Nigeria Cardless ATM Market by Technology
6.4.4.7 Rest of LAMEA Cardless ATM Market
6.4.4.7.1 Rest of LAMEA Cardless ATM Market by Type
6.4.4.7.2 Rest of LAMEA Cardless ATM Market by End User
6.4.4.7.3 Rest of LAMEA Cardless ATM Market by Technology
Chapter
7. Company Profiles
7.1 Fujitsu Limited
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expenses
7.1.5 Recent strategies and developments:
7.1.5.1 Product Launches and Product Expansions:
7.1.6 SWOT Analysis
7.2 HSBC Holdings plc
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.3 Barclays PLC
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.4 ICICI Bank Ltd. (The ICICI group)
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Recent strategies and developments:
7.4.4.1 Product Launches and Product Expansions:
7.5 Citigroup Inc.
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental Analysis
7.6 JPMorgan Chase & Co.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.7 Wells Fargo & Company
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segmental Analysis
7.8 BANCO SANTANDER, S.A.
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental Analysis
7.9 NCR Corporation
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.9.4 Research & Development Expenses
7.9.5 Recent strategies and developments:
7.9.5.1 Partnerships, Collaborations, and Agreements:
7.9.5.2 Product Launches and Product Expansions:
7.10. GRGBanking Equipment Co., Ltd.
7.10.1 Company Overview

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