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March 5, 2022

Artificial intelligence innovation among payment industry companies has dropped off in the last year

GlobalData tracks AI related patents filings within the cards and payments sector

By Michael Goodier

Research and innovation in artificial intelligence in the banks, payment providers, cards programmes and processors sector has declined in the last year.

The most recent figures show that the number of AI related patent applications in the industry stood at 44 in the three months ending January – down from 343 over the same period in 2020.

Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 154 in the three months ending January 2020 to 12 in the same period in 2021.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Capital One was the top AI innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the US, filed 30 AI related patents in the three months ending January. That was down from 212 over the same period in 2020.

It was followed by the US based PayPal with 24 AI patent applications, the US based Visa (10 applications), and the US based JPMorgan Chase (9 applications).

GlobalData is the parent company of Electronic Payments International and its sister publications

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