The Latin America, Middle East and Africa Cardless ATM Market would witness market growth of 11.7% CAGR during the forecast period (2023-2029).
A major factor that is driving the market is the increasing need for cash withdrawals from ATMs that do not require a card. As a consequence, financial institutions and ATM suppliers are investing in the modernization of their ATM infrastructure to enhance the ease and safety of their customers. This includes implementing features for cardless transactions, including one-time access codes and biometric verification, to provide customers with a banking experience that is both individualized and smooth.
The growth of the cardless ATM market is being driven by the convenience of accessing cash, the benefits of faster transactions, the ability to withdraw money quickly, and the popularity of both online and offline shopping. This has led to an increase in ATM usage. In addition, the accessibility of ATMs for foreign visitors to convert their foreign currency into local currency is a major factor contributing to the growth of this market. Verification codes provide an additional layer of security for online logins, similar to two-factor authentication. The utilization of verification code technology in cardless ATMs necessitates that customers employ mobile banking applications for almost all transactions.
The increasing popularity of cardless ATMs in the region is mainly due to the growth of the tourism sector. The increase in the number of tourists to countries like the UAE can be attributed to the relaxation of COVID-19 protocols and border controls globally. The growth of tourism presents a potential opportunity as travellers from various countries may require additional cash on hand. In addition, the deployment of white-label ATMs provides scalability advantages as it enables bankers to focus on expanding their network to meet increasing demand while non-banking entities manage the operational tasks. Thereby, the growing digitalization of the BFSI sector and the rising tourism industry will provide growth opportunities for the cardless ATM market in the region.
The Brazil market dominated the LAMEA Cardless ATM Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $72.7 Million by 2029. The Argentina market is exhibiting a CAGR of 12.3% during (2023 - 2029). Additionally, The UAE market would display a CAGR of 11.4% during (2023 - 2029).
Based on Type, the market is segmented into Offsite, Onsite, and Others. Based on End User, the market is segmented into Bank & Financial Institutions and Independent ATM Deployer. Based on Technology, the market is segmented into Near-field Communication (NFC), Biometric Verification, and Quick Response (QR) Codes. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Cardless ATM Market is Projected to reach USD 3.9 Billion by 2029, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fujitsu Limited, HSBC Holdings plc, Barclays PLC, ICICI Bank Ltd. (The ICICI group), Citigroup Inc., JPMorgan Chase & Co., Wells Fargo & Company, BANCO SANTANDER, S.A., NCR Corporation and GRGBanking Equipment Co., Ltd.
By Type
By End User
By Technology
By Country
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