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April 19, 2022

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

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

By Data Journalism Team

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

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The most recent figures show that the number of digitalisation related patent applications in the industry stood at 825 in the three months ending February – down from 1,079 over the same period in 2021.

Figures for patent grants related to digitalisation followed a similar pattern to filings – shrinking from 563 in the three months ending February 2021 to 448 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.

Digitalisation 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 digitalisation innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the United States, filed 404 digitalisation related patents in the three months ending February. That was up from 384 over the same period in 2021.

It was followed by the United States based Bank of America with 357 digitalisation patent applications, the United States based Mastercard (220 applications), and the United States based PayPal (214 applications).

Goldman Sachs has recently ramped up R&D in digitalisation. It saw growth of 75% in related patent applications in the three months ending February 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.

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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