As per MRFR analysis, the China Cardless ATM Market Size was estimated at 152.67 (USD Million) in 2023.
The China Cardless ATM Market Industry is expected to grow from 169.92(USD Million) in 2024 to 950 949.98 (USD Million) by 2035. The China Cardless ATM Market CAGR (growth rate) is expected to be around 16.937% during the forecast period (2025 - 2035).
The increasing demand for secure and convenient banking solutions is the primary factor driving the significant increase in China Cardless ATM Market. The rapid proliferation of smartphones in both urban and rural areas has facilitated the adoption of mobile wallet applications, which are essential for facilitating cardless transactions. The Chinese government is aligning with the broader financial inclusion strategy to improve citizens' access to banking services by supporting this trend through initiatives that promote digital payments. Consequently, financial institutions and banks are investing in the development of contactless payment capabilities within their infrastructures, which will enable users to withdraw currency without the need for a physical card.
Financial technology companies have an abundance of opportunities in the China Cardless ATM Market. The potential to access underserved regions is present through the implementation of cardless ATM solutions, given the significant population and the trend toward contactless transactions. New features, such as biometric security measures, can be unlocked through collaborations between banks and technology providers, thereby enhancing user trust and safety. Additionally, the widespread adoption of mobile banking solutions by businesses is being strongly encouraged by the ongoing digital transformation in a variety of sectors, which has the potential to increase the utilization of cardless ATM services. The increasing consumer preference for transactions that are both simple and expeditious has been underscored by recent trends.
Cardless ATM services are being adopted for their convenience and time-saving benefits as more individuals become accustomed to mobile payment systems. Furthermore, authorities are increasingly emphasizing the importance of user experiences and the improvement of cybersecurity measures in their efforts to establish a secure digital financial environment. In general, the China Cardless ATM Market is poised for substantial growth in the years ahead due to the convergence of governmental support, technological advancements, and the shift in consumer behavior toward digital solutions.
Cardless ATM technology in China is witnessing a significant rise driven primarily by the growing demand for convenient and secure banking solutions. The rapid increase in smartphone penetration across urban and rural areas facilitates the adoption of mobile wallet applications, which are vital for enabling cardless transactions. The Chinese government supports this trend through initiatives promoting digital payments, aligning with the broader financial inclusion strategy to enhance citizens' access to banking services. As a result, banks and financial institutions are investing in enhancing their infrastructure with contactless payment features, allowing users to withdraw cash without a physical card.
Opportunities within the China Cardless ATM Market are abundant, particularly for financial technology companies. With the massive population and a shift towards cashless transactions, there is a potential to tap into underserved regions by implementing cardless ATM solutions. Collaborations between banks and technology providers can unlock new features, such as biometric security measures, which can further enhance user trust and safety. Furthermore, the ongoing digital transformation across various sectors encourages businesses to adopt mobile banking solutions, which can boost the utilization of cardless ATM services. Recent trends highlight the growing consumer preference for rapid and easy transactions.
As more people become accustomed to mobile payment systems, cardless ATM services are being embraced for their convenience and time-saving benefits. Additionally, the enhancement of cybersecurity measures and a focus on user experiences are becoming crucial as authorities work towards creating a secure digital financial landscape. Overall, the evolution in consumer behavior toward digital solutions, along with governmental support and technological advancements, positions the China Cardless ATM Market for significant growth in the coming years.
Fig 1: China Cardless ATM Market Overview
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The China Cardless ATM Market Industry is experiencing significant growth due to the increasing adoption of mobile banking services among consumers. According to the People's Bank of China, mobile payment transactions amounted to over 7 trillion Chinese Yuan in 2022, reflecting a 35 percent rise compared to the previous year. This unprecedented growth in mobile banking indicates a shift in consumer preferences towards more flexible banking solutions, thereby driving the demand for cardless ATM services.
Established financial institutions, such as China Merchants Bank and Agricultural Bank of China, have heavily invested in enhancing their mobile platforms to provide seamless cardless transactions, thus further expanding the market. As urbanization continues in China, more consumers will likely opt for mobile-based solutions, leading to an expected increase in cardless ATM deployments.
The ongoing government initiatives aimed at promoting cashless transactions significantly contribute to the growth of the China Cardless ATM Market Industry. The Chinese government has set ambitious targets to increase the share of cashless payments in the economy. For instance, the State Council has launched various policies encouraging digital payment solutions in urban and rural settings. The goal is for over 75 percent of urban consumers to embrace cashless payment options by 2025, effectively enhancing the banking experience.
Major banks such as the Industrial and Commercial Bank of China are working closely with the government to facilitate the rollout of cardless ATM services, which aligns with national objectives. Consequently, this push for cashless solutions is expected to elevate the market demand for cardless ATMs.
Advancements in security technology significantly influence the growth prospects of the China Cardless ATM Market Industry. As cyber threats become more sophisticated, the demand for secure banking solutions rises. The Ministry of Public Security in China reported a 20 percent rise in cybercrime incidents in 2023, underscoring the need for robust security measures in banking systems. As a result, banks are increasingly adopting multi-factor authentication, biometric identification, and encryption technologies to enhance the security of cardless transactions.
Established companies like Huawei and Alibaba have developed secure payment technologies that are being implemented by various banks, ensuring safer cardless ATM operations. The focus on advanced security protocols not only inspires consumer trust but also propels the adoption of cardless ATM services across the country.
The China Cardless ATM Market operates under a well-defined segmentation based on Type, which presents various opportunities for stakeholders. Among these types, On-site ATMs play an essential role as they are located within bank branches, making them highly convenient for customers who seek quick and efficient banking services. The increasing digitization and demand for seamless banking experiences in China are driving the growth of this segment, as customers increasingly prefer cardless transactions for their speed and security benefits. Alternatively, Off-site ATMs, which are strategically placed in high-traffic areas like shopping malls and airports, are gaining traction.
These ATMs expand the service footprint of banks, providing users the flexibility to access funds anytime, further boosting customer satisfaction. As urbanization in China continues, the need for Off-site ATMs becomes more pronounced, accommodating the growing number of urban dwellers seeking cash withdrawal facilities away from traditional banking locations. Additionally, there are other categories that cater to niche needs and enhance the overall service offer in the cardless context. Such variations not only enrich user options but also contribute to the overall user experience by addressing specific consumer needs.
Each of these types contributes distinctively to the dynamics of the market, showcasing a trend toward convenience, accessibility, and technological advancement. The diverse nature of the China Cardless ATM Market helps facilitate greater customer engagement, driving the inclination towards cashless transactions among consumers. The ongoing innovation in payment technologies is likely to further bolster all these segments, shaping the future landscape of banking in China.
Fig 2: China Cardless ATM Market Insights
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Technology segment of the China Cardless ATM Market is experiencing remarkable growth, driven by advancements in digital payment solutions and user convenience. With the rising adoption of cashless transactions, Near-field Communication (NFC) technology is gaining popularity for its ability to facilitate secure payments directly from mobile devices, enhancing user experience and transaction efficiency. Quick Response (QR) Codes are also evolving as a prominent method, allowing customers to initiate transactions quickly and securely, making them particularly appealing to tech-savvy users in urban areas.
Additionally, Biometric Verification plays a significant role in ensuring heightened security, as it utilizes unique personal traits like fingerprints and facial recognition, making unauthorized access highly difficult. The integration of these technologies addresses the growing concerns around cyber security while providing convenience, which is vital for maintaining customer trust. As the digital payment landscape in China expands, these technologies will continue to adapt and innovate, further solidifying their importance in the China Cardless ATM Market.
The ongoing digital transformation in the region is set to further enhance the adoption of these technologies, making the market increasingly competitive and dynamic.
The End User segment of the China Cardless ATM Market is primarily composed of Bank and Financial Institutions, as well as Independent ATM Deployers. This market is experiencing a notable transformation, driven by the increasing demand for convenience and security in cash withdrawals. Bank and Financial Institutions play a crucial role in implementing cardless ATM solutions, enabling customers to access their funds without the need for physical cards, which significantly enhances user experience and operational efficiency. Meanwhile, Independent ATM Deployers are becoming increasingly significant, responding to rising consumer preferences for contactless transactions and providing innovative solutions to enhance accessibility across urban and rural areas.
The growth of mobile payment systems in China, propelled by extensive smartphone penetration, also supports this segment's expansion, as it allows users to interact seamlessly with cardless ATM technology. Moreover, the ongoing digital transformation in China's banking sector is fostering collaborations between financial institutions and technology providers, ultimately leading to improved service offerings and higher customer satisfaction. As a result, the End User segment is expected to witness sustained growth, reflecting the broader trends towards digitalization and financial inclusivity.
The China Cardless ATM Market has gained significant momentum as a response to the increasing demand for convenience and digital payment solutions among consumers. With the rapid advancement of technology, the traditional ATM experience is being transformed, allowing users to access cash and banking services without the need for physical cards. This shift is driven by the rising adoption of mobile banking and digital wallets, prompting financial institutions to innovate and offer cardless solutions. The competitive landscape within the market highlights various banks and technology providers vying for customer attention, eager to enhance their service offerings while addressing factors such as security, user experience, and accessibility.
Shanghai Pudong Development Bank has established itself as a notable player in the China Cardless ATM Market, leveraging its strong technological framework and customer-centric approach. The bank’s commitment to integrating innovative financial technologies has enabled it to create a streamlined cardless transaction process, enhancing user convenience and security. By placing a significant emphasis on digital banking initiatives, Shanghai Pudong Development Bank has developed a robust network of cardless ATMs that cater to both urban and rural populations in China. The bank's investment in research and development has fortified its position, allowing it to adapt swiftly to market trends and customer preferences, further solidifying its stance within this competitive domain.
Guangdong Development Bank, with its expansive footprint in China, has also made strategic advancements in the Cardless ATM Market. The bank offers a suite of services that include mobile banking solutions and QR code-based transactions, reflecting the shift towards digitized banking experiences. Guangdong Development Bank's presence is marked by its extensive network of cardless ATMs, which are strategically located to enhance accessibility for customers. The bank's strengths lie in its robust infrastructure, customer engagement strategies, and technology partnerships that facilitate seamless transactions. Furthermore, the company has been involved in various mergers and acquisitions to bolster its market presence, allowing it to integrate innovative technologies and expand its service offerings effectively within the China region. By streamlining operations and focusing on enhancing customer experience through key products and services, Guangdong Development Bank continues to play a pivotal role in shaping the cardless transaction landscape in China.
Shanghai Pudong Development Bank
Guangdong Development Bank
Nanjing Bank
China Minsheng Bank
Agricultural Bank of China
Industrial and Commercial Bank of China
Jiangsu Bank
Huaxia Bank
Zhejiang Chouzhou Commercial Bank
China Everbright Bank
China Construction Bank
Bank of Communications
China Merchants Bank
Bank of China
Ping An Bank
In recent months, the China Cardless ATM Market has witnessed significant advancements, with major banks innovating to enhance customer convenience. Shanghai Pudong Development Bank and Industrial and Commercial Bank of China have both rolled out cardless ATM operations, allowing users to withdraw cash using mobile payment apps such as WeChat Pay and Alipay, which has grown prominently since early 2022. Current affairs indicate that this trend is supported by governmental initiatives to promote cashless transactions, aligning with China's goal of digital financial inclusion. In October 2023, China Construction Bank and Bank of Communications announced a strategic partnership to develop new cardless withdrawal technologies that leverage biometric authentication, thereby boosting security and usage rates. Additionally, there have not been any major merger or acquisition activities reported in this segment involving the aforementioned banks within the last 18 months. The valuation of these companies in the market is rising, indicating robust growth potential as consumer adaptation towards digital banking accelerates, significantly impacting service delivery across urban and rural areas in China. Over the past two to three years, the integration of cardless ATM solutions has seen steady growth, particularly driven by the increasing adoption of mobile payment systems in the region.
On-site ATM
Off-site ATM
Others
Near-field Communication (NFC)
Quick Response (QR) Codes
Biometric Verification
Bank and Financial Institutions
Independent ATM Deployer
| Report Attribute/Metric | Details |
| Market Size 202318 | 152.67(USD Million) |
| Market Size 2024 | 169.92(USD Million) |
| Market Size 2035 | 949.98 950.0(USD Million) |
| Compound Annual Growth Rate (CAGR) | 16.937% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Million |
| Key Companies Profiled | Shanghai Pudong Development Bank, Guangdong Development Bank, Nanjing Bank, China Minsheng Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, Jiangsu Bank, Huaxia Bank, Zhejiang Chouzhou Commercial Bank, China Everbright Bank, China Construction Bank, Bank of Communications, China Merchants Bank, Bank of China, Ping An Bank |
| Segments Covered | Type, Technology, End User |
| Key Market Opportunities | Growing digital payment adoption, Increasing smartphone penetration, Rising demand for contactless transactions, Expansion in rural banking services, Enhanced security features integration |
| Key Market Dynamics | growing smartphone penetration, increasing demand for convenience, enhanced security features, rising cashless transactions, supportive regulatory environment |
| Countries Covered | China |
Frequently Asked Questions (FAQ) :
The expected market size of the China Cardless ATM Market in 2024 is valued at 169.92 USD Million.
The projected market size for the China Cardless ATM Market in 2035 is estimated to be 950.0 USD Million.
The expected CAGR for the China Cardless ATM Market from 2025 to 2035 is 16.937 percent.
By 2035, the Off-site ATM segment is expected to have the largest market share at 400.0 USD Million.
Key players in the China Cardless ATM Market include Shanghai Pudong Development Bank, China Minsheng Bank, and the Agricultural Bank of China.
The estimated market value of On-site ATMs in 2024 is 50.0 USD Million.
The Others segment is projected to grow to 270.0 USD Million by 2035.
Challenges could include regulatory hurdles and competition from digital payment solutions.
The overall China region is projected to experience significant growth in the cardless ATM segment.
The anticipated market value for the Off-site ATM segment in 2024 is 70.0 USD Million.
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