Cardless ATM Market Trends and Forecast
The future of the global cardless ATM market looks promising with opportunities in the bank & financial institution and independent ATM deployer markets. The global cardless ATM market is expected to reach an estimated $4.5 billion by 2030 with a CAGR of 10.2% from 2024 to 2030. The major drivers for this market are increasing adoption of digital banking services & mobile wallets, rising demand for secure & convenient banking solutions, and growing need to reduce ATM fraud & skimming incidents.
• Lucintel forecasts that on-site ATM is expected to witness higher growth over the forecast period.
• Within this market, bank & financial institution is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Cardless ATM Market
• USA: Bank of America expanded its cardless ATM network nationwide, enabling customers to withdraw cash using their mobile banking app.
• India: ICICI Bank introduced cardless cash withdrawal services across its ATMs, aiming to enhance customer convenience and security.
• UK: Barclays launched a pilot program for cardless ATMs, allowing customers to use QR codes for transactions, targeting increased adoption by 2025.
• Australia: Commonwealth Bank rolled out cardless ATM features in major cities, focusing on seamless integration with their mobile banking app for enhanced user experience.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Cardless ATM Market by Segment
The study includes a forecast for the global cardless ATM market by type, technology, end use, and region.
Cardless ATM Market by Type [Value from 2018 to 2030]:
• On-site ATM
• Off-site ATM
• Others
Cardless ATM Market by Technology [Value from 2018 to 2030]:
• Near-Field Communication
• Quick Response Codes
• Biometric Verification
Cardless ATM Market by End Use [Value from 2018 to 2030]:
• Bank & Financial Institutions
• Independent ATM Deployer
• Others
Cardless ATM Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Cardless ATM Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cardless ATM companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cardless ATM companies profiled in this report include-
• Citigroup
• JPMorgan Chase
• Fujitsu
• Santander Group
• GRG Banking
• NCR Corporation
• HSBC Bank A.S.
• Wells Fargo
• Barclays Bank
• ICICI Bank
Recent Development in the Cardless ATM Market
• Wells Fargo: Wells Fargo introduced cardless ATMs across its network in the USA, enabling customers to access their accounts and perform transactions using one-time access codes generated on their mobile app. This effort is part of the bankÄX%$%Xs strategy to enhance user security and convenience.
• BBVA: BBVA in Spain implemented cardless ATM services, allowing customers to withdraw cash using their smartphones. This initiative is designed to improve customer service and reduce the risks associated with carrying physical cards.
• HSBC: HSBC announced the launch of cardless cash withdrawal services in select Asian markets. Customers can use their mobile banking app to generate a secure code for ATM transactions, aimed at improving security and user experience.
• Chase Bank: Chase Bank in the USA expanded its cardless ATM functionality, providing customers with the option to withdraw cash using near-field communication (NFC) technology via their mobile devices. This development is intended to streamline the transaction process and enhance security measures.
Features of the Global Cardless ATM Market
Market Size Estimates: Cardless ATM market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Cardless ATM market size by type, technology, end use, and region in terms of value ($B).
Regional Analysis: Cardless ATM market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, technologies, end uses, and regions for the cardless ATM market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the cardless ATM market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the cardless ATM market size?
Answer: The global cardless ATM market is expected to reach an estimated $4.5 billion by 2030.
Q2. What is the growth forecast for cardless ATM market?
Answer: The global cardless ATM market is expected to grow with a CAGR of 10.2% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the cardless ATM market?
Answer: The major drivers for this market are increasing adoption of digital banking services & mobile wallets, rising demand for secure & convenient banking solutions, and growing need to reduce ATM fraud & skimming incidents.
Q4. What are the major segments for cardless ATM market?
Answer: The future of the cardless ATM market looks promising with opportunities in the bank & financial institution and independent ATM deployer markets.
Q5. Who are the key cardless ATM market companies?
Answer: Some of the key cardless ATM companies are as follows:
• Citigroup
• JPMorgan Chase
• Fujitsu
• Santander Group
• GRG Banking
• NCR Corporation
• HSBC Bank A.S.
• Wells Fargo
• Barclays Bank
• ICICI Bank
Q6. Which cardless ATM market segment will be the largest in future?
Answer: Lucintel forecasts that on-site ATM is expected to witness higher growth over the forecast period.
Q7. In cardless ATM market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cardless ATM market by type (on-site ATM, off-site ATM, and others), technology (near-field communication, quick response codes, and biometric verification), end use (bank & financial institutions, independent ATM deployer, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Cardless ATM Market Market, Cardless ATM Market Market Size, Cardless ATM Market Market Growth, Cardless ATM Market Market Analysis, Cardless ATM Market Market Report, Cardless ATM Market Market Share, Cardless ATM Market Market Trends, Cardless ATM Market Market Forecast, Cardless ATM Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.