Increasing adoption of NFC, QR codes and biometrics drives growth across cardless ATM market

The global cardless ATM market will have increased in value by US$2.11bn by 2026, an expansion driven by the growing adoption of NFC- and QR code-enabled smartphones and the emergence of biometric ATM technology.

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, researchers explain.

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.