The cardless ATM market is a rapidly growing market that is being driven by the increasing adoption of mobile banking and contactless payments. Cardless ATMs allow users to withdraw cash without using a physical debit or credit card, which can be more convenient and secure.
The global cardless ATM market is projected to grow from $ 2.55 billion in 2023 to $ 6.02 billion by 2031, at a CAGR of 11.30%. The growth of the market is being driven by the following factors:
The cardless ATM market is segmented by technology, deployment, and region. By technology, the market is segmented into Near Field Communication (NFC), Quick Response (QR) codes, and biometrics. NFC is the most popular technology for cardless ATMs, as it is relatively easy to implement and use. QR codes are also gaining popularity, as they can be used to create more secure transactions. Biometrics is a newer technology that is still being developed, but it has the potential to offer the highest level of security.
By deployment, the market is segmented into in-store and off-site. In-store cardless ATMs are the most common type, as they are convenient for users who are already at a bank or other retail location. Off-site cardless ATMs are located in public places, such as gas stations and convenience stores.
By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is the largest market for cardless ATMs, followed by Europe and Asia-Pacific. The growth of the market in these regions is being driven by the factors mentioned above.
The cardless ATM market is a competitive market with a number of major players. Some of the leading players in the market include:
The cardless ATM market is expected to continue to grow in the coming years, driven by the factors mentioned above. The increasing adoption of mobile banking and contactless payments, as well as the security concerns of some users, are all factors that are expected to boost the growth of the market.
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