View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Analysis
July 18, 2022

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

Analysis of patent filings shows a shrinking level of related applications in the industry over the past year

By Data Journalism Team

Research and innovation in cloud 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 related patent applications in the industry stood at 790 in the three months ending May – down from 1637 over the same period in 2021.

Figures for patent grants related to followed a different pattern to filings – growing from 649 in the three months ending May 2021 to 695 in the same period in 2022.

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.

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 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 219 related patents in the three months ending May. That was up from 218 over the same period in 2021.

It was followed by the US based Bank of America with 104 patent applications, the US based Visa (104 applications), and the US based PayPal (94 applications).

PayPal has recently ramped up R&D in . It saw growth of 20.2% in related patent applications in the three months ending May compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the banks, payment providers, cards programmes and processors sector.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International