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 Internet of Things in Banking: payment actuated vending. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 195,000 patents to analyse innovation intensity for the banking industry, there are 60+ innovation areas that will shape the future of the industry.
Payment actuated vending is a key innovation area in Internet of Things
Payment actuated vending refers to a type of vending machine that dispenses products or services only after the user makes the payment. It is commonly used for selling snacks and beverages and providing services like printing and ticketing.
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 payment actuated vending.
Key players in payment actuated vending – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to payment actuated vending
Source: GlobalData Patent Analytics
Visa is a key patent filer in the field of payment actuated vending. The company has filed several patents related to contactless prepaid product for transit fare collection, smart card purchasing transactions using wireless telecommunications network, and data authentication and provisioning methods and systems. Some other key patent filers in the payment actuated vending industry are Capital One Financial, MC Familiengesellschaft and Mastercard.
In terms of application diversity, Digimarc leads the pack. Upaid Systems and Kudelski stood in the second and third positions respectively. By means of geographic reach, MeReal Biometrics holds the top position followed by Licentia and PayPal.
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.