The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Cybersecurity in banking: geofenced transactions. Buy the report here.

However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.

Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.

30+ innovations will shape the banking industry

According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, distributed ledger transactions, is a disruptive technology that is in the early stages of application and should be tracked closely. Voice-based authentication, geofenced transactions, and embedded secure elements are some of the accelerating innovation areas, where adoption has been steadily increasing.

Innovation S-curve for cybersecurity in the banking industry

Geofenced transactions is a key innovation area in cybersecurity

Geofenced transactions refer to a payment method where transactions are either enabled or disabled based on the location of the user. This location is identified through the use of geofencing technology, which creates virtual boundaries around physical spaces, triggering a response when a mobile device enters or exits the designated area. Geofenced transactions can be used for a variety of purposes, including fraud prevention and targeted marketing.

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 60+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of geofenced transactions.

Key players in geofenced transactions – 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’. 

Patent volumes related to geofenced transactions

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Headwater Research 165 Unlock Company Profile
Stream 107 Unlock Company Profile
Headwater Partners I 92 Unlock Company Profile
Huawei Investment & Holding 74 Unlock Company Profile
PayPal 69 Unlock Company Profile
Capital One Financial 60 Unlock Company Profile
INRIX 55 Unlock Company Profile
Visa 47 Unlock Company Profile
Collegium Pharmaceutical 46 Unlock Company Profile
LocatorX 42 Unlock Company Profile 40 Unlock Company Profile
Intel 35 Unlock Company Profile
Dell Technologies 33 Unlock Company Profile
Worldline 31 Unlock Company Profile
Samsung Group 31 Unlock Company Profile
Alphabet 27 Unlock Company Profile
Mastercard 26 Unlock Company Profile
F. Hoffmann-La Roche 22 Unlock Company Profile
Qualcomm 21 Unlock Company Profile
Alibaba Group 20 Unlock Company Profile
Fiserv 18 Unlock Company Profile
STMicroelectronics 18 Unlock Company Profile
Xiaomi 18 Unlock Company Profile
eBay 17 Unlock Company Profile
Apple 16 Unlock Company Profile
Allegion 14 Unlock Company Profile
Princo 13 Unlock Company Profile
Siemens 12 Unlock Company Profile
Eagency 12 Unlock Company Profile
Ford Motor 11 Unlock Company Profile
Apriva 11 Unlock Company Profile
Shenzhen Goodix Technology 11 Unlock Company Profile
Nokia 9 Unlock Company Profile
IDEMIA France 8 Unlock Company Profile
Toshiba 8 Unlock Company Profile
Feitian Technologies 7 Unlock Company Profile
NCR 7 Unlock Company Profile
Thales 7 Unlock Company Profile
Oberthur Technologies of America 6 Unlock Company Profile
SK C and C 6 Unlock Company Profile
Instrumentmail 6 Unlock Company Profile
Infineon Technologies 6 Unlock Company Profile
NXP Semiconductors 6 Unlock Company Profile
Advanced New Technologies 6 Unlock Company Profile
America Movil 6 Unlock Company Profile
Swisscom 6 Unlock Company Profile
Tencent 5 Unlock Company Profile
Tsuruha 5 Unlock Company Profile
Proxy 5 Unlock Company Profile
Carrefour 4 Unlock Company Profile

Source: GlobalData Patent Analytics

PayPal is one of the leading patent filers in technologies associated with geofenced transactions. The company was recently granted a patent for a method and system of automatic synchronization of a device for transaction processing based on geofenced locations. The innovation allows a payment provider to verify a customer’s location within the geofenced area for a merchant and automatically configure a payment process depending on the payment mechanisms accepted at the merchant location.

Headwater Research, Stream, and Huawei are some of the other prominent patent filers in the geofenced transactions space.

In terms of application diversity, Collegium Pharmaceutical held the top position, while INRIX and Alibaba stood in second and third positions, respectively. By means of geographic reach, Stream leads the pack, followed by Collegium Pharmaceutical and LocatorX.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity in Banking.

Premium Insights


The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.


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.