According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze innovation intensity for the banking industry, there are 30+ innovation areas that will shape the future of the industry.

In-vehicle payments is a key innovation area in internet of things

The in-vehicle payment solution is an electronic payment technology that enables individuals to make payments for goods and services from the vehicle itself eliminating the need for any additional payment devices. The payment solution allows drivers to effectively manage payment transactions, thereby eliminating operational inefficiencies at outlets such as fuel stations.

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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 40+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of in-vehicle payments.

Key players in in-vehicle payments – 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 in-vehicle payments

Headwater Research is one of the leading patent filers in in-vehicle payment services. Other key patent filers in in-vehicle payment solutions include Nuro, INRIX, Stream, Blaze Mobile, and Visa.

In terms of application diversity, Verizon Communications leads the pack, while MCI Communications and Koninklijke KPN stand in second and third positions, respectively. By means of geographic reach, Nuro holds the top position, followed by Stream and Blaze Mobile.

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in Banking.