South Korea Contactless ATM (Cardless ATM) Market was valued at USD 0.6 Billion in 2022 and is projected to reach USD 1.5 Billion by 2030, growing at a CAGR of 14.1% from 2024 to 2030.
The South Korea Contactless ATM (Cardless ATM) Market has experienced significant growth, driven by the increasing demand for convenience and security in financial transactions. As the digital transformation continues to reshape the financial sector, cardless ATMs are quickly becoming a preferred option for many South Korean consumers. These ATMs enable users to withdraw cash and perform other banking activities without the need for a physical card, leveraging technologies like Near Field Communication (NFC) and QR codes. This shift towards cardless banking is reflective of the broader trend of reducing physical contact and improving user experience.
The adoption of cardless ATM systems has been largely fueled by the rapid development of mobile payment technologies and the growing preference for contactless transactions. In South Korea, a country known for its high-tech infrastructure, mobile banking apps have become integral to daily life. As a result, consumers increasingly seek solutions that streamline their banking experience while ensuring robust security features. Contactless ATM (Cardless ATM) systems meet these needs by allowing users to access their accounts and withdraw money using just their smartphones, reducing the reliance on physical cards and enhancing user convenience.
Industries have also recognized the importance of contactless ATMs in improving operational efficiency. Banks and financial institutions are investing in this technology to meet customer expectations and to differentiate themselves in a competitive market. In addition to convenience, cardless ATMs offer enhanced security by eliminating the risks associated with card skimming and theft. As demand for more advanced financial services increases, the need for secure, easy-to-use, and efficient banking solutions like contactless ATMs will only continue to grow.
The requirement from industries for this technology is clear. Financial institutions are increasingly prioritizing investments in contactless ATMs to meet the evolving needs of tech-savvy customers. As South Korea continues to lead the charge in mobile and digital banking, the Contactless ATM (Cardless ATM) Market will likely expand even further, shaping the future of banking in the country.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Contactless ATM (Cardless ATM) Market
Near Field Communication (NFC)
QR Code-based Transactions
Bluetooth Technology
Mobile Wallet Integration
On-Premise ATMs
Off-Premise ATMs
Mobile ATM Units
Individual Users
Small and Medium Enterprises (SMEs)
Large Corporations
Financial Institutions
Biometric Authentication
One-Time Password (OTP)
Mobile Application Authentication
Digital Signature Authentication
Cash Withdrawals
Fund Transfers
Balance Inquiries
Mobile Recharge and Bill Payments
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Contactless ATM (Cardless ATM) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Contactless ATM (Cardless ATM) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Contactless ATM (Cardless ATM) Market, By Type
6. South Korea Contactless ATM (Cardless ATM) Market, By Application
7. South Korea Contactless ATM (Cardless ATM) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Contactless ATM (Cardless ATM) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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