Cardless ATM Market

The emergence of biometric ATMs is one of the most important cardless ATM trends driving market growth. The user must initially position their finger on the sensor for biometric technologies such as fingerprint recognition. In numerous nations, however, hygiene concerns are growing due to the spread of infectious diseases such as Ebola, avian influenza, and swine flu. Companies operating in the Cardless ATM Market are shifting focus to contactless biometrics, such as retina and retinal scanning and 3D facial recognition, to combat the spread of communicable diseases.

Major application areas for contactless biometrics include cardless ATMs in hospitals and airports where hygiene must be maintained. Consequently, a rise in biometrics in the Cardless ATM Market will create new growth opportunities for market-focused vendors.

Increased smartphone penetration is one of the primary factors fueling the growth of the cardless automated teller machine (ATM) market. There is an increase in smartphone penetration in developing nations due to the rising sales of low-cost smartphones. Low-cost smartphones include several features that are typically found on high-end smartphones. Moreover, in the peer-to-peer communication paradigm, NFC chips allow smartphones to exchange data with other NFC-enabled devices in cardless ATMs. In contrast, a smartphone can read QR codes displayed on an ATM's screen for QR code verification. Thus, such factors are driving the Cardless ATM market revenue.

Regulatory frameworks play a crucial role in shaping the Global Cardless ATM Market Industry. Governments and financial authorities are increasingly recognizing the need for innovative banking solutions that enhance financial inclusion. Supportive regulations can facilitate the deployment of cardless ATMs, particularly in underserved regions. For instance, initiatives aimed at promoting digital banking can lead to a broader acceptance of cardless transactions. This regulatory backing is expected to contribute to the market's expansion, as it encourages financial institutions to invest in cardless ATM technology, thereby enhancing accessibility and convenience for consumers.

The Global Cardless ATM Market Industry is poised for substantial growth, with projections indicating a market value of 2.33 USD Billion in 2024 and an anticipated increase to 9.22 USD Billion by 2035. This growth trajectory suggests a robust compound annual growth rate (CAGR) of 13.32% from 2025 to 2035. Such figures reflect the increasing adoption of cardless transactions driven by technological advancements, consumer demand for convenience, and enhanced security features. As the market evolves, it is likely to attract further investments and innovations, solidifying its position within the broader financial services landscape.

The Global Cardless ATM Market Industry is experiencing a surge in technological advancements, particularly in mobile banking and digital wallets. These innovations facilitate seamless transactions without the need for physical cards, enhancing user convenience. For instance, the integration of QR codes and biometric authentication in ATMs allows users to withdraw cash using their smartphones. This trend is expected to contribute to the market's growth, with projections indicating a market value of 2.33 USD Billion in 2024. As technology continues to evolve, the demand for cardless transactions is likely to increase, further driving the Global Cardless ATM Market.

Security concerns have become paramount in the Global Cardless ATM Market Industry, prompting financial institutions to adopt enhanced security measures. Cardless ATMs often utilize advanced encryption and biometric verification, which may reduce the risk of fraud compared to traditional ATMs. This focus on security is likely to attract more users, as individuals seek safer banking options. The market's growth trajectory, with a projected CAGR of 13.32% from 2025 to 2035, suggests that as security features improve, consumer confidence in cardless transactions will also increase, further propelling the Global Cardless ATM Market.

In the Global Cardless ATM Market Industry, there is a notable shift in consumer preferences towards convenience and efficiency in banking services. Customers increasingly favor solutions that minimize the time and effort required for transactions. Cardless ATMs cater to this demand by enabling quick access to cash without the need for a physical card. This consumer behavior is reflected in the anticipated growth of the market, projected to reach 9.22 USD Billion by 2035. As more users adopt mobile banking solutions, the demand for cardless ATMs is expected to rise, underscoring the importance of convenience in shaping market dynamics.

The Global Cardless ATM Market Industry is significantly influenced by global financial inclusion initiatives aimed at providing banking services to unbanked populations. Cardless ATMs can serve as a vital tool in this regard, offering accessible cash withdrawal options without the need for traditional banking infrastructure. As governments and organizations work towards increasing financial access, the demand for cardless ATMs is likely to grow. This trend aligns with the market's projected growth, with an expected value of 9.22 USD Billion by 2035, indicating that cardless ATMs could play a pivotal role in bridging the financial gap for underserved communities.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Cardless ATM market area will dominate this market. The United States is North America's most important market for cardless ATMs. The increasing adoption of contactless payment services will aid the growth of the cardless ATM market in North America during the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: CARDLESS ATM MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Cardless ATM market accounted for the second-largest market share in 2022. Increased smartphone adoption is a major factor fueling the expansion of the cardless ATM market in this region. Further, the German Cardless ATM market held the largest market share, and the UK Cardless ATM market was the fastest growing market in the European region.

The Asia-Pacific Cardless ATM Market is expected to grow at the fastest CAGR from 2023 to 2032. The prevalence of mobile payment systems such as Alipay and WeChat Pay has led to a significant increase in the use of cardless ATMs in China. Some Chinese institutions, including China Construction Bank and Agricultural Bank of China, have implemented cardless ATM services that permit customers to withdraw cash using their mobile phones.

Other countries in the Asia-Pacific region, such as South Korea, Japan, and Australia, have seen an increase in the use of cardless ATMs in recent years since more banks and financial institutions have promoted mobile banking services and strive to enhance the customer experience. Moreover, China’s Cardless ATM market held the largest market share, and the Indian Cardless ATM market was the fastest growing market in the Asia-Pacific region.

Leading market players are conducting research and development to expand their offering, which will help the Cardless ATM market grow even further. Companies are also undertaking strategic initiatives to expand their global market share, with important market developments including introducing new products, collaborations, joint ventures, expansion, and agreements.

In recent years, the Cardless ATM industry has been through several new advancements, such as the launch of modernized and easy-to-use ATMs. Major Cardless ATM market players include Citigroup Inc., JPMorgan Chase & Co., Fujitsu, Santander Group, GRG Banking, NCR Corporation, HSBC Bank A.S., Wells Fargo, Barclays Bank PLC, and ICICI Bank Ltd.

Citigroup Inc offers a variety of financial services. It offers retail, commercial, and investment banking, securities brokerage, trade and securities services, and wealth management solutions. The group offers a variety of accounts and deposit services, debit and credit cards, banking solutions for small businesses, loans and mortgages, treasury and trade services, and corporate and institutional lending. In addition to asset management, capital market, and securities services, Citigroup provides asset management, capital market, and securities services. The group is in the Americas, Asia-Pacific Europe, the Middle East, and Africa and serves individuals, corporations, small enterprises, institutions, and government entities.

Citigroup's headquarters are in New York, United States.

JPMorgan Chase & Co is a financial holding corporation whose subsidiaries provide solutions for consumer and commercial banking, financial transaction processing, investment banking, and asset management. The consumer enterprises include, among others, credit cards, small businesses, auto financing, education financing, and merchant services. Commercial banking services include, among others, middle market banking, corporate credit, equipment financing, and commercial term lending. The company provides commercial banking services such as corporate client banking and banking for government, non-profit organizations, and the healthcare industry. Under the J.P.

Morgan and Chase brands, the corporation offers asset management, investment banking, treasury services, private banking, wealth management, US consumer and commercial banking operations, and brokerage services. Europe, Asia-Pacific, the Middle East and Africa, and the Americas are among the regions where the company operates. JPM is based in New York City, New York, United States.