Payments

Cardless ATM market to reach $5.2B

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August 22, 2023

The cardless ATM market is projected to grow to $5.2 billion by 2031, according to research from ResearchandMarkets.com. It will grow at a compound annual growth rate of 10.6% from 2022 to 2031. The market was $2 billion in 2021.

With this technology, customers can use ATMs without a physical card through tools such as a banking app or a digital wallet.

Key market drivers include:

• Growth of internet-of-things technology.
• A rise in newer generation ATMs.
• Inclusion of more analytics tools.
• Rising use of smartphones.
• Rise of NFC chips.
• QR codes on ATMs.