The market is growing significantly with the help of above factors. Cardless ATM Market is expected to grow at a CAGR of 10.5% during the forecast period and reach a value of US$ 5.28 billion by 2031.
Why Cardless ATM Market Are Getting Popular?
There are various reasons behind the rising acceptance of cardless ATM:
- Greater Security: Cardless ATMs offer a very low prospect of fraud and theft which is associated with the classic ATM cards. By getting rid of physical cards, banks can minimize the potential for skimming and card cloning.
- Convenience: Cardless ATMs are the epitome of convenience. A user will be able to withdraw cash at any place and at any time without carrying a card. They need only have their mobile device to conduct a transaction and save all the precious time and efforts.
- Digital Transformation: The world is shifting toward digital banking and cashless transactions, which is accelerating the adoption of cardless ATMs. Banks are adopting digital technologies to provide innovative and efficient services to their customers.
- Regulatory Support: Most countries are coming up with regulations that support the use of digital payment methods and secure authentication technologies, which further boosts the growth of cardless ATMs.
Source: The Insight Partners
