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 5,000 patents filed and granted in the banking industry, according to GlobalData’s report on Contactless retail in banking: contactless card scanners. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 176,000 patents to analyze innovation intensity for the banking industry, there are 35+ innovation areas that will shape the future of the industry.
Contactless card scanners is a key innovation area in contactless retail
A contactless card scanner is an electronic device that uses near field communication (NFC) and radio frequency identification (RFID) technologies to accept payments from contactless card customers. The scanner reads the customer’s card information when the card is tapped or hovered over the device, thereby increasing the speed of the payment.
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 35+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of contactless card scanners.
Key players in contactless card scanners– a disruptive innovation in the banking industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
AB Dynamics, Digimarc, Alphabet, DeviceFidelity, and Angel Playing Cards are some of the leading patent filers in contactless card scanners. Several patents have been filed in this space related to contactless access tickets, proximity transaction methods, collision detection and avoidance, card reader terminals systems, contactless EMV cards, and contactless electronic payment card readers, among others.
In terms of application diversity, Veritec leads the pack. AT&T and Alphabet stand in second and third positions, respectively. By means of geographic reach, DeviceFidelity holds the top position, followed by AB Dynamics and Angel Playing Cards.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
