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, according to a Technavio forecast.
North America will account for more than half of the growth in market share (53%) owing to the increasing popularity of contactless payment services in the region, the researchers say.
“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,” the 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.
“The emergence of biometric ATMs is a key trend. Concerns regarding hygiene due to the outbreak of harmful diseases are increasing in various countries. Hence, to tackle issues related to the spread of communicable diseases, vendors are focusing on contactless biometrics, including retina and iris scanning and 3D facial recognition.”
Increasing adoption of NFC, QR codes and biometrics drives growth across cardless ATM market was written by Tom Phillips and published by NFCW.