Cardless ATM Market size was USD 2.9 billion in 2024 and is estimated to reach USD 11.9 billion by the end of 2037, expanding at a CAGR of 11.5% during the forecast period, i.e., 2025-2037. In 2025, the industry size of cardless ATM is assessed at USD 3.2 billion.
The rising usage of smartphones globally and integration with banking apps have resulted in the increasing adoption of cardless ATMs. As of 2024, there are more than 4.88 billion mobile users worldwide, which is expected to reach 6.3 billion by 2029. With rapid advancements in technology, mobile banking has become easily accessible. Several banks worldwide are integrating cardless withdrawal features in their apps. For instance, in 2022, the Reserve Bank of India (RBI) introduced cardless cash withdrawals at ATMs using smartphones. Initiatives like these are expected to fuel cardless ATM market growth during the forecast period.
Many governments are driving digital payment adoption to reduce the reliance on cash. Initiatives such as India’s Digital India campaign and Europe’s PSD2 directive are some key examples of global efforts promoting digital economies. Governments have incentivized digital payments through tax benefits, subsidies, or reduced transaction fees. This, in turn, boosts the adoption of cardless ATMs.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
11.5% |
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Base Year Market Size (2024) |
USD 2.9 billion |
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Forecast Year Market Size (2037) |
USD 11.9 billion |
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Regional Scope |
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Technology (Near-field Communication, Quick Response Codes, Biometric Verification)
Based on technology, the quick response (QR) codes segment is expected to account for the largest revenue share in cardless ATM market during the forecast period as QR codes are steadily becoming a crucial aspect of mobile payment technology. Rising demand for contactless payments, high adoption of smartphones that support QR code scanning and banking apps, and increasing integration of mobile banking apps with QR-based cardless withdrawals are expected to support segment growth between 2025 and 2037. Several banks and financial institutions across the globe are adopting seamless and innovative services to enhance user experience. For instance, in September 2023, the Bank of Baroda (BoB) announced the launch of a UPI ATM facility, enabling seamless QR-based cash withdrawals without the need to carry a card to withdraw cash.
End use (Bank and Financial Institutions, Independent ATM Developers)
In cardless ATM market, bank and financial institutions segment is set to account for revenue share of around 60.7% by 2037 owing to the rapid adoption of advanced technologies in several bank and financial institutions, increasing trend of contactless and cardless transactions post COVID-19 pandemic, and rising preference for cardless ATMs for improving customer convenience, security, and cost optimization. Several financial giants are integrating UPI, QR codes, and mobile baking apps to enable cardless cash withdrawals. One such example is the partnership between City Union Bank Limited and the National Payments Corporation of India (NPCI) in October 2023, to implement Interoperable Cardless Cash Withdrawal (ICCW) from ATM UPI in all NCR-branded ATMs.
Our in-depth analysis of the global cardless ATM market includes the following segments:
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Type |
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Technology |
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End use |
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North America Market Forecast
North America cardless ATM market is anticipated to hold revenue share of more than 47.8% by 2037. This growth can be significantly driven by rapid advancements in NFC biometric verification and QR technologies, increasing number of digital banking users, and the presence of robust infrastructure. Moreover, the presence of leading financial giants and tech companies and rising investments in developing advanced and innovative products and solutions are expected to boost growth of the cardless ATM market going ahead.
The integration of advanced technologies such as NFC, QR codes, and biometric authentication has made cardless ATMs secure and immensely popular among leading banks in the U.S. such as JPMorgan Chase, Bank of America, U.S. Bank, and Wells Fargo. In May 2016, Bank of America became the first major bank in North America to launch cardless ATMs and has over 500 cardless ATMs that work through the Android Pay smartphone app.
In Canada, rising adoption of mobile and digital payment methods, increasing investments in cardless ATM solutions by banks and financial institutions and rising installations of NFC and QR-code-enabled ATMs.
Asia Pacific Market Statistics
The cardless ATM market in Asia Pacific is expected to register rapid revenue CAGR throughout the forecast period owing to the rapid adoption of mobile banking and payment solutions, increasing advancements in biometric authentication, NFC-enabled ATMS, and rising incorporation of cardless ATM solutions across banks and financial institutions. In addition, several governments in the region are supporting the cardless ATM market growth with digital payments and partnerships among banks and technology providers.
In India, the rising usage of the UPI system has become a major enabler for cardless ATM usage. Banks such as ICICI and HDFC have started offering cardless cash withdrawal options through mobile apps. In addition, the rapid adoption of digital payments across the country, government initiatives to support cardless ATMs, and rising investments in developing advanced products and solutions are expected to drive market growth in India.
The cardless ATM market in China is likely to account for significant growth during the forecast period owing to the rapid adoption of digital payments, rising integration with mobile payment platforms, and increasing consumer preference for cashless solutions. One such product launch is Hong Kong’s first cross-bank cardless withdrawal service by Joint Electronic Teller Services Limited (JETCO) in June 2020. This feature allows customers to withdraw cash instantly from any JETCO ATM by scanning the QR code.
The cardless ATM market is quite competitive and to uplift their positions in the crowded space, leading companies are employing various organic and inorganic strategies. Technological innovations and new product launches are aiding them in marking a presence and standing out. Industry giants are collaborating with tech firms to integrate digital technologies. This aids them in attracting a wider consumer base and earning high profits. These key players are also adopting strategies such as mergers and acquisitions, product launches, joint ventures, and license agreements to enhance their product base and sustain their market position. Some of the key players operating in the cardless ATM market include:
Author Credits: Abhishek Verma
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