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January 29, 2022

Cybersecurity innovation among payment industry companies dropped off in the last quarter

GlobalData research tracks patents data filings of firms in the cards and payments sector

By Michael Goodier

Research and innovation in cybersecurity in the banks, payment providers, cards programmes and processors sector has declined in the last quarter – but remains higher than it was a year ago.

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The most recent figures show that the number of patent applications in the industry stood at 270 in the three months ending November – up from 247 over the same period last year.

Figures for patent grants related to followed a different pattern to filings – shrinking from 257 in the three months ending November last year to 224 this year.

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 Financial Corp was the top cybersecurity innovator in the banks, payment providers, cards programmes and processors sector in the last quarter. The company, which has its headquarters in the United States, filed 232 related patents in the three months ending November. That was up from 162 over the same period last year.

It was followed by the United States based Bank of America Corp with 126 patent applications, the United States based PayPal Holdings Inc (78 applications), and the United States based Visa Inc (38 applications).

Mastercard Inc has recently ramped up R&D in cybersecurity. It saw growth of 75% in related patent applications in the three months ending November compared to the same period last year - 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.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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