The banking and payments industry continues to be a hotbed of innovation owing to ever changing consumer expectations. The rapid technological developments in the areas of banking and payments that aim to offer seamless experience to consumers are now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete to stay relevant and grow in the market. In the last three years alone, there have been over 92,000 patents filed and granted in the banking industry, according to GlobalData’s report on Robotic Process Automation in Banking: Automated PoS Receipt Printers.
According to GlobalData’s Technology Foresights, which uses over 195,000 patents to analyse innovation intensity for the banking industry, there are 60+ innovation areas that will shape the future of the industry.
Automated POS receipt printers is a key innovation area in robotic process automation
Automated POS receipt printers are smart printers that connect with POS machine and initiate receipt printing functionality upon receiving a successful transaction verification. Automated printers are also configured to track user history and provide loyalty benefits in the receipt.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 10+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of automated POS receipt printers.
Key players in automated POS receipt printers – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Toshiba is a leading patent filer in Automated POS receipt printers. In October 2020, the company filed a patent for leading edge detection in POS printers. It uses a sensor, motor and a control unit for aligning the leading edge of a printable receipt. Some other key patent filers in the Automated POS receipt printers field include Seiko Epson, Block, Visa, Ripple Labs, and NEC.
In terms of application diversity, GPCP leads the pack. Worldline and Star Micronics stand in second and third positions, respectively. By means of geographic reach, Worldline holds the top position, followed by Glory and NEC.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.