Cardless ATM Market size is estimated to reach over USD 7.66 Billion by 2032 from a value of USD 3.10 Billion in 2024 and is projected to grow by USD 3.42 Billion in 2025, growing at a CAGR of 10.60% from 2025 to 2032.
Cardless ATM Market Scope & Overview:
The cardless ATMs allow secure cash withdrawals using a smartphone, QR code, or biometrics instead of a physical debit card. Also, the cardless service utilizes user authentication transactions via mobile banking apps or OTP, providing higher security while offering convenience and safety. Additionally, the key advantages driving the cardless ATM market growth include enhanced security, convenience & accessibility, faster transactions, and reduced physical contact, among others. Moreover, the cardless technology enhances safety by eliminating card-skimming risks, offers superior convenience in conditions where the card is lost/forgotten, and often provides faster, contactless transactions, which in turn is driving the cardless ATM market demand.
How is AI Impacting the Cardless ATM Market?
Artificial intelligence (AI) is transforming the cardless ATM industry by shifting ATMs from simple cash-providing machines into secure and highly personalized financial solutions. Additionally, the integration of AI offers real-time advanced fraud detection and security, allowing users to immediately block transactions. Also, AI analyzes sensor data from ATM hardware to predict component failures, which allows for proactive repairs, significantly reducing machine downtime and maintenance costs. Moreover, AI helps in improving cash logistics by analyzing historical transaction data, local events, and seasonal fluctuations to predict optimal cash levels.
Cardless ATM Market Dynamics - (DRO) :
Key Drivers:
Proliferation of mobile banking and smartphone penetration is boosting market growth
The rapid digitalization of banking services is propelling users to withdraw cash, deposit money, and use other services using QR codes, NFC, or biometric authentication at cardless ATMs. Additionally, smartphones have become the primary channel for banking, making cardless ATM access an essential feature, which in turn is fueling the cardless ATM market growth. Further, the cardless technology significantly reduces risks associated with card skimming, cloning, and physical theft, driving the cardless ATM market demand. Furthermore, the adoption of mobile banking and cardless technology helps in lowering costs associated with physical card issuance and maintenance.
- For instance, according to the International Telecommunication Union, 82% of individuals across the globe in the age group of 10 years and older have smartphones. This showcased a strong growth potential for the growth of cardless technology in the market.
Therefore, the rapid digitalization of banking services is driving the adoption of cardless technology, in turn, proliferating the evolution of the market.
Key Restraints :
Security concerns and transaction limit is restraining the market growth
The cardless ATMs heavily rely on mobile apps, cloud systems, and networks, and they are vulnerable to hacking, SIM-swapping, and phishing attacks, which allows attacker to have access to the account without needing a physical card or PIN. Additionally, in many regions, due to stringent regulations, the daily limit for cardless transactions is significantly lower than traditional card transactions, which in turn hinders the cardless ATM market expansion. Moreover, limitations on the number of times a user runs a cardless transaction per day further discourage reliance on the service.
Therefore, the rising security concerns and transaction limitations while utilizing cardless technology are restraining the cardless ATM market expansion.
Future Opportunities :
UPI-based ATM is expected to promote potential opportunities for market growth
The UPI-based ATMs are a significant booster in India’s financial landscape, which is acting as a catalyst for both market progress and digital inclusion. Also, UPI ATMs are enhancing access to cash without the need for high-maintenance physical banking branches. Additionally, the technology enables ATMs to facilitate cash withdrawals by scanning a QR code, which significantly increases the transaction volume for fintech companies, which in turn creates prospects for the cardless ATM market opportunity.
- For instance, in September 2023, Hitachi Payment Services launched UPI-ATM in India. The ATM offers cardless cash withdrawals. Also, the ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app.
Hence, the rising adoption of UPI-based ATMs is anticipated to increase the utilization, in turn promoting prospects for the cardless ATM market opportunity during the forecast period.
Cardless ATM Market Segmental Analysis :
By Technology:
Based on the technology, the market is segmented into QR code-based, NFC (near-field communication), biometric authentication, and mobile app-based solutions.
Trends in the Technology:
- The rising adoption of smartphone apps in combination with on-screen biometric scanners, for creating a two-layer security approach in biometric authentication, is driving the cardless ATM market trends.
- The higher adoption of UPI, especially in India, has facilitated widespread deployment of QR-based cash withdrawals, driving the cardless ATM market trends.
The QR Code-Based accounted for the largest revenue share in the year 2024.
- The QR code-based ATM technology for cash withdrawal is a modern, secure, and convenient way to withdraw cash without a physical debit or credit card.
- The key advantages of QR code-based ATM include enhanced security, convenience, interoperability, speed, and efficiency, among others, which in turn is fueling the cardless ATM market size.
- Further, the shift towards contactless, mobile-driven banking, which is bypassing the need for a physical card, is driving the adoption of QR code-based ATM which in turn is fueling the cardless ATM market share.
- For instance, in October 2023, Bank of Baroda launched a UPI ATM that relies on QR codes for cash transactions, offering a unique and secure solution for modern cash requirements.
- Thus, as per the cardless ATM market analysis, the rising adoption of contactless, mobile-driven banking is driving the QR code-based technology in the market.
NFC is anticipated to register the fastest CAGR during the forecast period.
- Near Field Communication (NFC) technology combined with cardless ATM services is revolutionizing banking by enabling users to withdraw cash and perform transactions using a smartphone or smartwatch instead of a physical debit card.
- Also, the key advantages of NFC technology include enhanced security, faster transactions, convenience, improved hygiene, and others is fueling the cardless ATM market size.
- Further, the rising focus on eliminating the need to insert a card, NFC prevents card skimming, cloning, and shoulder surfing, which are major causes of ATM fraud, and is fueling the cardless ATM market share.
- Furthermore, the widespread use of smartphones and digital wallets such as Apple Pay, Google Pay, and others allows banks to integrate cardless access directly into these platforms.
- Therefore, as per the market analysis, the rising adoption of smartphones and digital wallets is anticipated to boost the need for NFC technology during the forecast period.
By Type:
Based on the type, the market is segmented into on-site ATM, off-site ATM, and others.
Trends in the Type:
- The trend towards banks outsourcing their entire ATM operations to specialized providers to improve up time and reduce costs is driving the evolution of off-site ATMs.
- The trends towards on-site ATMs adopting advanced anti-skimming technology, and end-to-end encryption for improving security and safety is driving the market progress.
The on-site ATM accounted for the largest revenue share of 59.89% in the year 2024.
- On-site ATMs are automated teller machines located directly within or on the premises of a bank branch. The on-site ATMs come in various forms such as cash dispensers, cash recyclers, and modern ATMs.
- Also, the on-site ATMs are generally more secure and managed directly by the banking institution, often providing 24/7 access for cash withdrawals, deposits, and account inquiries.
- Moreover, modern on-site ATMs are increasingly incorporating cardless technology, allowing users to withdraw cash securely without a physical debit or credit card through mobile banking apps or UPI.
- Further, the key factors such as demand for faster, more secure transactions, reduced fraud risks, and increased sanitation are driving the demand for on-site ATM types.
- Thus, as per the cardless ATM market analysis, the aforementioned factors are driving the adoption of on-site ATMs.
The off-site ATM is anticipated to register the fastest CAGR during the forecast period.
- The off-site ATMs are terminals situated away from bank premises, often found in high-traffic, convenient locations such as shopping malls, airports, gas stations, and retail stores.
- Additionally, the key advantages of off-site ATM include 24/7 access to banking services, increased accessibility, reduced waiting time, and more is driving the market progress.
- Further, the rapid increase in smartphone penetration and mobile banking usage makes cardless transactions preferable, which in turn is fueling the adoption of off-site ATMs.
- Furthermore, the banks are moving toward cardless solutions to reduce the high costs associated with physical card issuance, and maintenance is driving the demand for off-site ATMs.
- Therefore, as per the market analysis, the aforementioned factors are anticipated to boost the market during the forecast period.
By Application:
Based on the application, the market is segmented into personal banking, corporate banking, retail payments, and others.
Trends in the Application:
- The trend towards a rise in digital wallets and instant payment systems is boosting the market adoption for retail payment applications.
- The trend towards integrating cardless services into corporate banking for professionals is due to the need for faster, more convenient transactions.
Personal banking accounted for the largest revenue share in the year 2024.
- The cardless services are integrated directly into personal banking to offer a secure and convenient way to withdraw cash without a physical debit or credit card.
- Additionally, the rapid increase in smartphone penetration makes mobile-driven banking the preferred choice for consumers, which in turn is driving the market adoption in personal banking applications.
- Moreover, the government policies are promoting digital economies, which are pushing for reduced reliance on physical cash and cards.
- Further, the rising focus on enhancing customer experience is propelling the need for independent ATM deployers, which fuels the market adoption in personal banking applications.
- Furthermore, the personal banking applications are popular among tech-savvy customers using mobile banking apps for a seamless, card-free experience.
- Thus, as per the market analysis, the rising focus on enhancing customer experience, along with the rising need by tech-savvy customers, is driving the market adoption in personal banking applications.
The retail payments is anticipated to register the fastest CAGR during the forecast period.
- The cardless service is transforming retail payment applications by allowing customers to complete payment by using mobile apps or digital wallets instead of having a physical card.
- Additionally, the retail payment application provides a convenient option for customers preferring contactless payment methods, which in turn helps in reducing the need for carrying physical cards and enhancing payment security.
- Further, the proliferation of digital wallets and mobile payment platforms, such as Apple Pay and Google Pay, is driving the adoption of cardless solutions in retail payment applications.
- Furthermore, the retailers benefit from retail payment applications due to faster checkout processes along with reduced fraud risk, as cardless transactions rely on secure mobile authentication methods.
- Therefore, as per the market analysis, the aforementioned factors are anticipated to boost the market during the forecast period.
By End-User:
Based on the end user, the market is segmented into banks & financial institutions, independent atm deployers (IADs), and others.
Trends in the End User:
- The rising dependency on independent atm deployers for handling software, cash management, and maintenance, to reduce operational overhead, is driving the market progress.
- The banks & financial institutions are increasingly investing in mobile-integrated and QR code ATMs to enhance customer experiences, which is driving the market development.
The banks & financial institutions accounted for the largest revenue share in the year 2024.
- The banks & financial institutions are the prominent promoters of the cardless service due to the rising demand for enhancing customer experience and offering secure, contactless transaction options.
- Also, the cardless service offers safety, as transactions are initiated via mobile apps, which eliminates the need for physical cards, and is driving the market progress by banks & financial institutions.
- Moreover, banks & financial institutions are integrating cardless technology into digital banking platforms for users to have seamless access to cash and other banking services through their smartphones.
- Further, the rapid digital transformation, along with the adoption of mobile banking, is driving the industry adoption.
- Thus, the rapid digital transformation and integration of cardless technology into digital banking platforms is driving the market development.
The independent ATM deployers (IADs) is anticipated to register the fastest CAGR during the forecast period.
- Independent ATM Deployers (IADs) are non-bank entities that own, manage, and place cash machines in retail premises, convenience stores, and other high-traffic locations, which helps in catering to users seeking quick and secure access to cash.
- They play a critical role in ensuring cash access in rural or low-traffic areas where traditional bank branches are non-reachable.
- Also, independent atm deployers offers key advantage of integrating new features and technologies rapidly, depending on the users' requirements, which is driving the market development.
- Further, banks are outsourcing operational activities to independent atm deployers to reduce operational costs, improve efficiency, and shift focus toward core banking activities.
- Therefore, the aforementioned factors are anticipated to boost the market during the forecast period.
Regional Analysis:
The regions covered are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Asia Pacific region was valued at USD 0.83 Billion in 2024. Moreover, it is projected to grow by USD 0.92 Billion in 2025 and reach over USD 2.11 Billion by 2032. Out of this, China accounted for the maximum revenue share of 32.10%. The market progress is mainly driven by a surge in smartphone usage and internet penetration. Furthermore, factors including the push for digital payments and adoption of cardless technology to reduce the high operational costs are projected to drive the market progress in Asia Pacific region during the forecast period.
- For instance, in November 2022, Cashmallow partnered with PT Bank Negara Indonesia to provide cardless cash withdrawals in Indonesia. The withdrawal is made by using a simple OTP code without any extra charges is driving the market progress.
North America is estimated to reach over USD 2.49 Billion by 2032 from a value of USD 1.00 Billion in 2024 and is projected to grow by USD 1.11 Billion in 2025. The North American region's rising popularity of smartphone-based, contactless transactions offers lucrative growth prospects for the market. Additionally, the shift toward digital banking and enhanced security needs is driving the market progress.
- For instance, in October 2024, America First Credit Union partnered with Diebold Nixdorf with an aim to improve payment transactions and ATM offerings. The partnership helped in implementing vynamic transaction middleware to replace their legacy switch systems, which offered features such as cardless services, card tap authentication, higher transaction limits, and others.
The regional analysis depicts that the rapid adoption of NFC technology, biometric authentication, and QR code scanning is driving the market in Europe. Additionally, the key factor driving the market is the digital transformation, high mobile banking penetration, and the need for improved financial inclusion, which is propelling the market adoption in the Middle East and African region. Further, the rapid shift toward digital banking and high smartphone penetration is paving the way for the progress of the market in Latin America region.
Top Key Players & Market Share Insights:
The global cardless ATM market is highly competitive with major players providing cardless services to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end user launches to hold a strong position in the cardless ATM industry. Key players in the cardless ATM market include-
- Citigroup Inc.(USA)
- JPMorgan Chase & Co.(USA)
- Wells Fargo & Company(USA)
- NCR Corporation (USA)
- Fujitsu Limited (Japan)
- GRG Banking (China)
- ICICI Bank Ltd. (India)
- Santander Group (Spain)
- Barclays PLC (UK)
- HSBC Holdings plc (UK)
Recent Industry Developments :
Partnerships & Collaborations
- In June 2025, InComm Payments partnered with NCR Atleos to offer self-service cash solutionsat more than 23,000 ATMs nationwide. The solution is designed to offer ATM-based cardless cash pickup.
Cardless ATM Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 (USD Billion) | USD 7.66 Billion |
| CAGR (2025-2032) | 10.60% |
| By Technology |
|
| By Type |
|
| By Application |
|
| By End-User |
|
| By Region |
|
| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the cardless ATM market? +
The cardless ATM market size is estimated to reach over USD 7.66 Billion by 2032 from a value of USD 3.10 Billion in 2024 and is projected to grow by USD 3.42 Billion in 2025, growing at a CAGR of 10.60% from 2025 to 2032.
Which segmentation details are covered in the cardless ATM report? +
The cardless ATM report includes specific segmentation details for technology, type, application, end user, and regions.
What are the key trends in the cardless ATM market? +
The cardless ATM market is being shaped by several key trends including rising dependency on independent atm deployers for handling software, cash management, and maintenance, for reducing operational overhead along with higher adoption of UPI, has facilitated widespread deployment of QR-based cash withdrawals are the key trends driving the market.
Which is the fastest segment anticipated to impact the market growth? +
In the cardless ATM market, the NFC technology is the fastest-growing segment during the forecast period due to the rising adoption of smartphones and digital wallets.
Who are the major players in the cardless ATM market? +
The key participants in the cardless ATM market are Citigroup Inc. (USA), JPMorgan Chase & Co. (USA), Wells Fargo & Company (USA), NCR Corporation (USA), Fujitsu Limited (Japan), GRG Banking (China), ICICI Bank Ltd. (India), Santander Group (Spain), Barclays PLC (UK), HSBC Holdings plc (UK) and others.
