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 is now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance 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 Cybersecurity in Banking: PoS terminal data security. 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 stabilising 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.

60+ 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 195,000 patents, there are 60+ innovation areas that will shape the future of the industry.

Biometric payments, encryption for secure transmission, and public key encryption protocols are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are biometric payer/payee verification and voice-based payer/payee authentication, which are now well established in the industry. 

Innovation S-curve for cybersecurity in the banking industry

PoS terminal data security is a key innovation area in cybersecurity

POS terminal data security refers to measures taken to protect sensitive data transmitted and stored by POS terminals during payment transactions, including encryption techniques, physical security measures, tokenisation, and multi-factor authentication. Protecting this data is crucial to prevent fraud and data breaches and ensure customer privacy and financial security.

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 50 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of PoS terminal data security.

Key players in PoS terminal data security – 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’.

Patent volumes related to PoS terminal data security

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Samsung Group 182 Unlock Company Profile
Intel 181 Unlock Company Profile
SoftBank Group 175 Unlock Company Profile
Visa 169 Unlock Company Profile
Licentia Group 151 Unlock Company Profile
Mastercard 137 Unlock Company Profile
Black Gold Coin 113 Unlock Company Profile
Apple 111 Unlock Company Profile
Sony Group 97 Unlock Company Profile
GuangDong OPPO Mobile Telecommunications 66 Unlock Company Profile
Toshiba 65 Unlock Company Profile
LG 59 Unlock Company Profile
nChain Holdings 59 Unlock Company Profile
Microsoft 56 Unlock Company Profile
Veridium IP 52 Unlock Company Profile
Zwipe 46 Unlock Company Profile
Huawei Investment & Holding 43 Unlock Company Profile
Xiaomi 43 Unlock Company Profile
Baidu 43 Unlock Company Profile
Tencent Holdings 41 Unlock Company Profile
Alphabet 35 Unlock Company Profile
Bank of America 35 Unlock Company Profile
Nok Nok Labs 35 Unlock Company Profile
Capital One Financial 34 Unlock Company Profile
IDEX 33 Unlock Company Profile
AT&T 32 Unlock Company Profile
Safran 28 Unlock Company Profile
Universal Secure Registry 27 Unlock Company Profile
Skeyecode 27 Unlock Company Profile
Fingerprint Cards AB 26 Unlock Company Profile
MeReal Biometrics 26 Unlock Company Profile
Vivo Communication Technology 23 Unlock Company Profile
Oki Electric Industry 23 Unlock Company Profile
Proxense 22 Unlock Company Profile
Hitachi 21 Unlock Company Profile
Legend Holdings 20 Unlock Company Profile
Qualcomm 20 Unlock Company Profile
FaceTec 19 Unlock Company Profile
Furukawa 19 Unlock Company Profile
NXP Semiconductors 18 Unlock Company Profile
Magic Leap 16 Unlock Company Profile
Clear Secure 16 Unlock Company Profile
PayPal Holdings 15 Unlock Company Profile
International Business Machines 15 Unlock Company Profile
Beijing Electronics Holding 15 Unlock Company Profile
Inmar 15 Unlock Company Profile
iProov 15 Unlock Company Profile
eBay 14 Unlock Company Profile
VOXX International 13 Unlock Company Profile
Bizmodeline 13 Unlock Company Profile

Source: GlobalData Patent Analytics

Visa is a key patent filer in the field of POS terminal data security. The company has filed several patents related to transaction secured in an untrusted environment, authentication using payment protocol and trust tokens. Some other key patent filers in the POS terminal data security industry are Mastercard and Bank of America.

In terms of application diversity, Clear Secure leads the pack. iProov and IDEX stood in the second and third positions respectively. By means of geographic reach, Black Gold Coin holds the top position followed by nChain and MeReal Biometrics.

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