Market Synopsis
Clients who use cardless ATMs can set up withdrawals on their mobile banking application before withdrawing using any equipped ATM. They can also use their banking app to find nearby ATMs, banks, and other organizations on the digital map. Additionally, it lowers the price of teller assistance and fraud, increasing the use of mobile banking. This innovative strategy, which uses the existing card rails, also improves efficiency and security. The market for cardless ATMs has experienced rapid expansion in recent years, driven by rising NFC, QR code, and biometric authentication adoption. A few banks offer the cardless withdrawal of cash option through their ATM services.
Additionally, during the initial inspecting and needs analysis phase, vendor finance provides an alternative to purchase directly, which can help OEMs, systems integrators, and additional technology vendors strengthen their value proposition and combat challenges from the competition. The expansion of the cardless ATM market is also fueled by the level of technical development in IoT innovations, such as the addition of data analysis tools. The market will achieve USD 6.02 billion by 2032 at an 11.30% CAGR.
Market Competitive Landscape:
The valuable players in the cardless ATM market are:
- Citigroup Inc.,
- NCR Corporation,
- HSBC Bank A.S.,
- Wells Fargo,
- Barclays Bank PLC,
- JPMorgan Chase & Co.,
- Fujitsu,
- Santander Group,
- GRG Banking,
- ICICI Bank Ltd.
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Over the coming years, growth is anticipated to continue as more individuals adopt mobile payments and look for quicker, more practical ways to handle their money. The widespread use of cardless machine technology in various locales demonstrates its potential for development and significance in the banking industry going forward. Cardless ATM services are anticipated to spread and become more widely available as banks continue to offer them. Bank branches frequently install cardless ATMs to make cash withdrawals, contributions, and transfers more convenient. By digitalizing production procedures, control of quality, maintenance, and numerous other components of the manufacturing ecosystem, Industry 4.0 machines, the internet, and equipment are revolutionizing the manufacturing sector. However, there are barriers to adoption that can be resolved with financing.
Market Segmentation
By technology, the market includes near-field communication (NFC), quick response (QR) codes, and biometric verification. By type, the market includes on-site ATMs and off-site ATMs. By end user, the market includes bank and financial institutions and independent ATM deployers.
Market U.S.P. Covered:
Market Drivers:
Although factors like guidelines on contactless payment methods could hinder market growth, the increased use of smartphones is driving the growth of the cardless ATM market. Affordable payment options might also persuade the OEM’s client to consider a technical specification and full solution that is more specialized and comprehensive to address the client’s changing needs. One of the main factors propelling the growth of the cardless automated teller machine (ATM) market is the increased adoption of smartphones. The rising sales of inexpensive smartphones have increased the widespread use of cell phones in emerging nations. The market for cardless ATMs is expanding due to rising smartphone penetration.
As smartphone usage increases, consumers are looking for easier and safer ways to access their money without using physical payment cards. Additionally, cardless ATM solutions use smartphone security features like biometric authentication to add an extra layer of security and safeguard against fraud and online threats. Numerous features typically only found in high-end smartphones have been integrated into low-cost smartphones. Additionally, NFC chips allow smartphones to exchange data with other NFC-enabled devices in cardless ATMs when using the peer-to-peer communication model.
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Restraints
Regulation of contactless payment transactions is one of the major factors impeding the growth of the cardless automated teller machine (ATM) market. Contactless transactions are typically restricted to a certain amount per purchase in most geographical areas. One of the downsides of cardless ATMs is that users can only make minor purchases through NFC-based devices like smartphones due to this cap on single payments.
COVID 19 Analysis
Many bank ATMs were shut down during the lockdown, which hurt the market for smart financial hardware. This action was taken by the governing bodies of every nation in the world to stop the installation of new ATMs.
Regional Insights
North America governed the market share for cardless ATMs in terms of region. This is attributed to the region’s advanced IT infrastructure, which facilitates the implementation of IoT-based devices in the BFSI industry, such as smart ATMs, and thus helps explain the region’s sizeable share in the cardless ATM market. The Europe Cardless ATM market held the second-biggest market share. The market for cardless ATMs in this area is growing significantly due to rising smartphone adoption. From 2023 to 2032, the Asia-Pacific Cardless ATM Market is anticipated to experience the fastest CAGR growth. The adoption of cardless ATMs has significantly increased in China due to the popularity of mobile payment platforms like Alipay and WeChat Pay. Agricultural Bank of China and China Construction Bank are two Chinese institutions that recently launched cardless ATM services that let users withdraw money using their smartphones.
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