Cardless ATM Market Size (2024 - 2029)

Cardless ATM Market Analysis

The Cardless ATM Market size in terms of transaction value is expected to grow from USD 2.40 billion in 2024 to USD 3.81 billion by 2029, at a CAGR of 9.67% during the forecast period (2024-2029).

Cardless ATM transactions aim to enhance security by reducing the risk associated with physical card skimming. Authentication methods such as biometrics or additional passcodes may be implemented to ensure the security of mobile-based transactions. Some cardless ATM solutions utilize geolocation services to allow users to find the nearest ATMs using their mobile apps. This feature enhances convenience for users looking to locate and access ATMs without physical cards.

Financial institutions often collaborate with ATM manufacturers, technology providers, and mobile app developers to integrate cardless ATM functionalities into existing banking systems. This requires seamless integration between mobile apps and the ATM network. Cardless ATM transactions are not limited to cash withdrawals. Depending on the capabilities of the ATM and the supporting technology, users can also make cash deposits, check balances, and perform other transactions using their mobile devices.

The success of the cardless ATM market relies on customer adoption. Financial institutions invest in educating their customers about the convenience and security features of cardless transactions to encourage broader usage. Cardless ATM services offer an alternative to traditional card-based transactions, reducing dependency on physical cards. This can be particularly beneficial in scenarios where users may have forgotten their cards or prefer not to carry them. The cardless ATM market is expected to witness growth as technology continues to evolve. Innovations such as biometric authentication, advanced encryption, and improved user interfaces contribute to the expansion of this market. Financial institutions around the world are exploring and implementing cardless solutions to provide customers with modern and secure banking experiences.

Cardless ATM Industry Segmentation

Cardless ATMs provide access to your account and allow you to withdraw cash without the need for a card. Instead, they rely on account verification via text message or a banking app on your smartphone. There are several ways that cardless ATMs can function.

The study gives a brief description of the cardless ATM market and includes details on cash withdrawals and deposits, reduced card dependency, and enhanced security. The cardless ATM market is segmented by type, technology, application, and geography. By type, the market is segmented into on-site ATMs, off-site ATMs, and other types. Others include voice recognition, near-field communication, virtual card numbers, and dynamic authentication methods. By technology, the market is segmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. By application, the market is segmented into banking and retail. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle-East, Africa, and South America. 

The report offers market size and forecasts for the cardless ATM market in value (USD) for all the above segments.