As per MRFR analysis, the GCC Cardless ATM Market Size was estimated at 114.5 (USD Million) in 2023. The GCC Cardless ATM Market Industry is expected to grow from 127.44(USD Million) in 2024 to 574.4 (USD Million) by 2035. The GCC Cardless ATM Market CAGR (growth rate) is expected to be around 14.669% during the forecast period (2025 - 2035).
Key GCC Cardless ATM Market Trends Highlighted
Technological advancements and evolving consumer preferences are driving substantial changes in the GCC Cardless ATM Market. The region's growing adoption of digital wallet solutions and mobile banking is one of the primary market drivers.
As part of their economic diversification strategies, governments in the Gulf Cooperation Council (GCC) are actively promoting electronic transactions. This initiative is consistent with the UAE's vision for a digital economy and Saudi Arabia's Financial Sector Development Program, which is designed to improve financial inclusion by implementing robust digital banking solutions.
There are numerous opportunities in the market, notably in the areas of operational cost reduction and customer convenience enhancement for banks. In order to expedite the incorporation of cardless ATM technologies, financial institutions may consider forming partnerships with fintech companies.
A potential avenue for growth in cardless ATM services is presented by the ability to customize services to meet the requirements of the local population while also accommodating tourists, which is characterized by a diverse population that includes a significant number of expatriates.
The adoption of QR codes and NFC (Near Field Communication) technologies for cardless transactions has been on the rise in recent times among banks. These services are particularly popular among the younger demographic in GCC countries, as they provide fast and secure access to funds without the need for physical cards.
In addition, the feasibility and convenience of utilizing cardless ATMs in urban and rural areas are being improved by the extensive internet connectivity and increased smartphone penetration. Therefore, the GCC Cardless ATM Market is expected to continue to develop, as it reflects the increasing demand for innovative banking solutions in a financial landscape that is swiftly modernizing.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
GCC Cardless ATM Market Driver
Increased Demand for Contactless Transactions
The growing preference for contactless transactions, spurred by recent global events such as the COVID-19 pandemic, has led to an increased adoption of cardless ATM solutions in the GCC Cardless ATM Market Industry.
According to the Gulf Cooperation Council's official economic reports, there has been a notable uptick in cashless transactions, with a recorded increase of 30% in contactless payments from 2020 to 2021.
This figure highlights the shifting consumer behavior towards convenience and hygiene, driving banks and financial institutions to invest in innovative technologies.Industry leaders, including the Qatar National Bank and Emirates NBD, are actively expanding their cardless ATM services to cater to this growing demand, ensuring they remain competitive in an evolving financial landscape.
Government Support for Digital Banking Initiatives
The GCC governments are promoting digital banking initiatives as part of their broader economic diversification strategies. For instance, the UAE's Central Bank has established 'Strategy 2023' to enhance banking operations and encourage financial innovation within the region.
This strategic framework aims for 70% of all bank transactions to be conducted digitally by 2023, significantly impacting the adoption of cardless ATMs. Such initiatives create a favorable regulatory environment that encourages investments from financial institutions, fostering the growth of the GCC Cardless ATM Market Industry.
Technological Advancements in Financial Services
The rapid technological advancements in financial services, particularly in the areas of mobile banking and mobile wallets, are acting as a catalyst for the growth of the GCC Cardless ATM Market Industry. The penetration of smartphones in the GCC region has reached over 90%, enabling users to easily access banking services through mobile applications.
The increase in smartphone usage has been supported by telecommunications firms in the GCC, such as STC and Etisalat, who are working to ensure network reliability and speed.Consequently, this connectivity has made cardless transactions more accessible and user-friendly, contributing to the market's rapid growth.
GCC Cardless ATM Market Segment Insights
Cardless ATM Market Type Insights
The GCC Cardless ATM Market is witnessing robust growth driven by the increasing demand for financial convenience and enhanced user experience. In this regard, the market can be segmented into various types, including On-site ATM, Off-site ATM, and others, each playing a significant role in shaping the overall market landscape. On-site ATMs are typically installed at bank branches, allowing customers immediate access to their funds within a secure environment.
This type of ATM is particularly important in densely populated urban areas, where they serve as a reliable touchpoint for customers seeking quick transactions. Off-site ATMs, on the other hand, are strategically placed in retail locations and public areas, thereby extending access to banking services beyond traditional branch locations. These ATMs cater to a wider audience, often operating around the clock and enhancing transaction convenience for users.
The rise of digital banking and a growing inclination towards cashless transactions have also highlighted the importance of the 'Others' category, which may include specialized kiosks or devices designed for specific user needs or functionalities.
The ability to withdraw cash without a physical card appeals particularly to tech-savvy consumers looking for secure and efficient banking solutions. Factors such as cybersecurity concerns, convenience, and the expansion of the digital payment ecosystem are driving trends within the GCC Cardless ATM Market.
Governments in the Gulf Cooperation Council region are also backing this growth by promoting initiatives for financial technology advancement as part of their broader vision for economic diversification and digital transformation. Furthermore, evolving customer preferences for seamless banking experiences push financial institutions to invest more in these types of ATMs, ultimately catering to a growing consumer base that values efficiency and ease.
The GCC region's favorable regulatory environment and investments in telecommunication infrastructure significantly contribute to the progress of cardless ATM solutions, enabling a shift toward more innovative banking approaches. Overall, the various types within the GCC Cardless ATM Market continue to adapt in response to changing market needs and technological advancements, thus creating opportunities for further growth and improved user engagement across the sector.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Cardless ATM Market Technology Insights
The Technology segment of the GCC Cardless ATM Market has shown a significant evolution, bolstered by advancements in payment solutions and consumer preferences for convenient access to banking services. Among various technologies, Near-Field Communication (NFC) stands out as a prominent method due to its rapid transaction capabilities, allowing users to conduct reliable and swift cash withdrawals using mobile devices with just a tap.
Quick Response (QR) Codes have gained traction as well, providing a versatile and secure option for cardless transactions, appealing particularly to the tech-savvy population in urban areas of GCC nations.Biometric Verification has emerged as a crucial aspect of enhancing security in cardless ATMs, enabling users to authenticate transactions seamlessly using fingerprints or facial recognition, which addresses growing security concerns.
The increasing adoption of these technologies is driven by consumer desire for ease of use and enhanced security, making them integral to shaping the future of the GCC Cardless ATM Market. With a dynamic user base and supportive regulatory environment, the region is set to see further integration of these technologies into banking systems, enhancing customer experiences and operational efficiencies across financial institutions.
Cardless ATM Market End User Insights
The GCC Cardless ATM Market demonstrates significant involvement from various End Users, notably Bank and Financial Institutions, as well as Independent ATM Deployers. Banks and Financial Institutions lead the adoption of cardless ATM technology, fostering convenience for customers while reducing operational costs.
This segment prioritizes security and efficiency, which are pivotal in the region's increasingly digital economy. Independent ATM Deployers play a crucial role as well, owning and operating ATMs that serve unattended locations, thereby widening access to cash withdrawal services without traditional card usage.
The growing trend of mobile banking and digital wallets is driving this segment further, presenting both challenges and opportunities as customer preferences shift towards more accessible financial services. This technological evolution contributes to the overall market dynamics, indicating a robust growth trajectory influenced by the increasing demand for seamless banking solutions within the GCC region.
GCC Cardless ATM Market Key Players and Competitive Insights
The GCC Cardless ATM Market has seen a significant evolution, reflecting a growing trend towards digital banking solutions and customer convenience. Within this dynamic environment, competition is intensifying as banks focus on enhancing their technological offerings to meet the expectations of an increasingly tech-savvy customer base.
The implementation of cardless ATM options is becoming a strategic imperative for financial institutions aiming to offer seamless access to cash withdrawal services without the need for a physical card.
The competition is shaped not only by technological advancements but also by the regulatory landscape and customer preferences, leading to the emergence of innovative solutions that prioritize security, speed, and user experience.Dubai Islamic Bank has established a noteworthy presence within the GCC Cardless ATM Market. As a leading institution, it has harnessed its strong brand reputation and commitment to Sharia-compliant banking to enhance its product offerings.
The bank's strengths lie in its strategic focus on technological innovation, which includes advanced security features and user-friendly interfaces that cater to customer needs. Additionally, Dubai Islamic Bank’s extensive network of ATMs equipped with cardless capabilities allows it to address the rising demand for convenient banking solutions.
By continuously investing in digital banking initiatives, the bank positions itself as a forefront player, leveraging its financial solidity and customer trust to capture market share and remain competitive in the rapidly evolving landscape of cardless banking services.In the context of the GCC Cardless ATM Market, Saudi British Bank represents another key figure.
The bank has been proactive in integrating cutting-edge technology into its banking operations, focusing on providing efficient and secure cardless transactions for its customers. Its strengths include a versatile portfolio of services that caters to both retail and corporate clients, along with a strong geographic presence, which enhances its accessibility across the region.
Saudi British Bank has undertaken various strategic partnerships and technology mergers to enhance its digital infrastructure, thereby further solidifying its market position. Moreover, the bank’s emphasis on customer experience and its capability in facilitating contactless and cardless transactions underscore its commitment to meeting evolving customer demands.
Through a blend of innovation and strategic alliances, Saudi British Bank continues to strengthen its foothold in the cardless ATM domain within the GCC, aligning its offerings with the digital evolution reshaping the financial services landscape.
Key Companies in the GCC Cardless ATM Market Include
GCC Cardless ATM Market Industry Developments
In recent months, the GCC Cardless ATM Market has seen significant developments with a growing focus on technological advancements among leading banks. Dubai Islamic Bank and Emirates NBD have actively promoted cardless cash withdrawals, enhancing customer convenience through mobile banking applications.
Moreover, First Abu Dhabi Bank has expanded its network of cardless ATMs to meet increasing demand. In July 2023, Bank Muscat announced its partnership with a fintech firm to further streamline cash withdrawal processes for customers. There have been notable trends indicating increased investments in digital banking solutions among banks such as Qatar National Bank and Al Rajhi Bank, aligning with the general shift towards cashless transactions.
The market valuation of the GCC Cardless ATM sector has increased substantially due to heightened competition and a push for financial inclusivity, positively impacting banks' customer outreach.
In terms of mergers and acquisitions, there have been no publicly reported activities involving major entities like Sharjah Islamic Bank or Gulf Bank in this specific area recently. However, the landscape continues to evolve as institutions adapt to technological demands in response to changing consumer preferences over the last two to three years.
GCC Cardless ATM Market Segmentation Insights
Cardless ATM Market Type Outlook
Cardless ATM Market Technology Outlook
Cardless ATM Market End User Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 114.5(USD Million) |
| MARKET SIZE 2024 | 127.44(USD Million) |
| MARKET SIZE 2035 | 574.4(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 14.669% (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 | Dubai Islamic Bank, Saudi British Bank, Bank Muscat, First Abu Dhabi Bank, Sharjah Islamic Bank, Bank of Kuwait and the Gulf, Oman Arab Bank, Qatar National Bank, Al Rajhi Bank, National Bank of Abu Dhabi, RAK Bank, Gulf Bank, Bahrain Islamic Bank, Emirates NBD |
| SEGMENTS COVERED | Type, Technology, End User |
| KEY MARKET OPPORTUNITIES | Increased digital payment adoption, Growing smartphone penetration rates, Expanding banking infrastructure, Rising demand for contactless transactions, Enhanced security features integration |
| KEY MARKET DYNAMICS | Growing cashless transactions, Increasing smartphone penetration, Enhanced customer convenience, Rising cybersecurity concerns, Technological advancements in banking |
| COUNTRIES COVERED | GCC |
Frequently Asked Questions (FAQ) :
The GCC Cardless ATM Market is projected to be valued at 127.44 million USD in 2024.
By 2035, the overall market is expected to reach a value of 574.4 million USD.
The expected CAGR for the GCC Cardless ATM Market from 2025 to 2035 is 14.669 percent.
The Off-site ATM segment is expected to reach a market value of 275.44 million USD by 2035.
The On-site ATM segment is projected to be valued at 170.07 million USD by 2035.
Major players include Dubai Islamic Bank, Saudi British Bank, Bank Muscat, and First Abu Dhabi Bank.
The Others segment is valued at 34.49 million USD in the year 2024.
The Off-site ATM segment is expected to grow from 54.23 million USD in 2024 to 275.44 million USD by 2035.
Technological advancements and increased demand for convenient banking solutions are key growth drivers.
The GCC region shows a robust growth trend compared to other global markets in the cardless ATM sector.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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