Cardless ATM Market Size to Grow by USD 2.11 Bn

The cardless ATM market size is expected to grow by USD 2.11 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 6.93% during the forecast period, according to Technavio.

This growth can be attributed to the increased penetration of smartphones. However, regulations on contactless payment transactions can hamper the growth of the market during the next few years.

North America will account for 53% of the market's growth during the forecast period. This growth is attributed to factors such as the growing adoption of contactless payment services. Moreover, the growth of the market in this region will be faster than the growth of the market in South America. The US is a key country for the cardless ATM market in North America.

The increased penetration of smartphones is driving market growth, especially in emerging countries, due to the rising sales of low-priced smartphones. These smartphones have several features of high-end smartphones. Moreover, NFC chips enable smartphones to connect with other NFC-enabled devices in cardless ATMs for data transfer. A smartphone can also read QR codes on the ATM screen. Such factors are expected to fuel the growth of the global cardless ATM market during the forecast period.