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 Innovation in Banking: EMV tokenization. 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.

Within the emerging innovation stage, transaction-enabling smart contracts is a disruptive technology that is in the early stage of application and should be tracked closely. Distributed ledger network, BNPL payment protocols, and virtual banking assistant are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are IM trading platforms and in-app payments, which are now well established in the industry.

Innovation S-curve for the banking industry

EMV tokenisation is a key innovation area in banking

EMV tokenisation is a security feature that is used to protect sensitive payment card data during digital transactions. It involves the use of a unique identifier or "token" to replace the actual card number, which helps to prevent fraud and unauthorised access to the cardholder's account.

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 EMV tokenisation.

Key players in EMV tokenisation – 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 EMV tokenisation

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Visa 811 Unlock Company Profile
Mastercard 663 Unlock Company Profile
Alibaba Group Holding 500 Unlock Company Profile
Capital One Financial 335 Unlock Company Profile
nChain Holdings 249 Unlock Company Profile
Bizmodeline 215 Unlock Company Profile
Tencent Holdings 161 Unlock Company Profile
International Business Machines 127 Unlock Company Profile
Samsung Group 124 Unlock Company Profile
Black Gold Coin 117 Unlock Company Profile
Microsoft 107 Unlock Company Profile
Apple 106 Unlock Company Profile
PayPal Holdings 100 Unlock Company Profile
Bank of America 97 Unlock Company Profile
Licentia Group 86 Unlock Company Profile
SSenStone 79 Unlock Company Profile
Toronto-Dominion Bank 76 Unlock Company Profile
Alphabet 72 Unlock Company Profile
American Express 66 Unlock Company Profile
Thales 58 Unlock Company Profile
Coinplug 57 Unlock Company Profile
JPMorgan Chase 53 Unlock Company Profile
Worldline 52 Unlock Company Profile
Ping An Insurance (Group) Company of China 45 Unlock Company Profile
eBay 44 Unlock Company Profile
Block 41 Unlock Company Profile
Diebold Nixdorf 41 Unlock Company Profile
Broadcom 40 Unlock Company Profile
Fiserv 36 Unlock Company Profile
Wells Fargo 34 Unlock Company Profile
China UnionPay 34 Unlock Company Profile
Huawei Investment & Holding 34 Unlock Company Profile
Fidelity National Information Services 33 Unlock Company Profile 33 Unlock Company Profile
Hangzhou FUZAMEI Technology 31 Unlock Company Profile
MC Familiengesellschaft mbH 30 Unlock Company Profile
Orange-Co 30 Unlock Company Profile
Civic Technologies 30 Unlock Company Profile
Sony Group 27 Unlock Company Profile
Intel 27 Unlock Company Profile
Universal Secure Registry 27 Unlock Company Profile
Anchor Labs 26 Unlock Company Profile
NCR 26 Unlock Company Profile
Intuit 25 Unlock Company Profile
Baidu 24 Unlock Company Profile
Gelliner 24 Unlock Company Profile
R3 23 Unlock Company Profile
Walmart 23 Unlock Company Profile
Accenture 22 Unlock Company Profile
Feitian Technologies 22 Unlock Company Profile

Source: GlobalData Patent Analytics

Mastercard is a key patent filer in the field of EMV tokenisation. The company has filed several patents related to the tokenisation of personally identifiable information, payment card storing tokenised information, and contactless payment technology with payment card network to open banking network conversion. It has also patented payment-system-based user authentication and information access system and methods, sending and receiving encrypted payment data messages for transfer of funds, security for online contactless transactions, and secure payment transactions. Some other key patent filers in the EMV tokenisation industry are Visa and Capital One Financial.

In terms of application diversity, Huawei Investment & Holding leads the pack. Sony and Microsoft stood in the second and third positions respectively. By means of geographic reach, Licentia Group holds the top position followed by Black Gold Coin and Gelliner.

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.