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February 5, 2022updated 08 Feb 2022 6:04pm

Internet of things innovation among payment industry companies has dropped off in the last year

GlobalData research reveals IoT patent application activity by firms in the cards and payments sector

By Michael Goodier

Research and innovation in internet of things 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 IoT patent applications in the industry stood at 35 in the three months ending December – down from 38 over the same period in 2020.

Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 32 in the three months ending December 2020 to 19 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.

IoT 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.

Bank of America was the top IoT innovator in the banks, payment providers, cards programmes and processors sector in the last quarter. The bank filed 27 IoT related patents in the three months ending December 2021. That was down from 39 over the same period in 2020.

It was followed by the United States based Capital One with 26 IoT patent applications, Canada based Toronto-Dominion Bank (9 applications), and the United States based PayPal (6 applications).

Capital One has recently ramped up R&D in IoT. It saw growth of 38.5% in related patent applications in the three months ending December compared to the same period in 2020 - 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.

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

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