PUBLISHER: Allied Market Research | PRODUCT CODE: 1266408
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266408
Users may access their accounts and make cash withdrawals at cardless or contactless ATMs without using a physical card. Users normally require the app from their banking institution, or the card details kept in the digital wallet to utilize the cardless option at the ATM. Further, users of cardless ATMs can conduct ATM transactions using their bank's mobile app. Furthermore, cardless ATMs are a practical means to access funds from a bank account if the user forgets their debit card or would like to touch an ATM's screen as little as possible.
Banks use cardless ATMs to allow their clients the option of cash withdrawal, transfer, and deposit. The growth of IoT technology and the incorporation of data analysis tools, for example, will also help fuel cardless ATM market expansion. Further, the market is experiencing growth owing to the rise in number of ATMs of the newest generation and the ongoing shift in the distribution of cardless ATMs on bank premises. However, high costs for implementation restrains the cardless ATM market growth. On the contrary, banks & financial institutions are distributing smart & contactless ATMs to provide a better experience to their customers, which is projected to boost the growth of the cardless ATM market.
The cardless ATM market is segmented into type, technology, end user, and region. By type, the market is differentiated into on-site ATM, off-site ATM and, and others. By technology, the market is classified into near-field communication (NFC), quick response (QR) codes, and biometric verification. By end user, it is categorized in bank & financial institutions and independent ATM deployer. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The cardless ATM market analysis includes top companies operating in the market such as Citigroup Inc., JPMorgan Chase and Co., Wells Fargo, NCR Corporation, Fujitsu, Barclays Bank Plc, HSBC Bank A.S., GRGBanking, ICICI Bank Ltd., and Banco Santander S.A. These players have adopted various strategies to increase their market penetration and strengthen their position in the cardless ATM industry.