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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

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Capital One Financial 262 Unlock Company Profile
Licentia Group 253 Unlock Company Profile
Visa 221 Unlock Company Profile
Outerwall 181 Unlock Company Profile
Thales 155 Unlock Company Profile
Sony Group 148 Unlock Company Profile
MC Familiengesellschaft mbH 134 Unlock Company Profile
Mastercard 128 Unlock Company Profile
Toshiba 117 Unlock Company Profile
Dynamics 115 Unlock Company Profile
Digimarc 112 Unlock Company Profile
Dominion Harbor Enterprises 108 Unlock Company Profile
DeviceFidelity 107 Unlock Company Profile
IDEMIA France 104 Unlock Company Profile
Worldline 101 Unlock Company Profile
PayPal Holdings 97 Unlock Company Profile
Blackhawk Network Holdings 91 Unlock Company Profile
Nokia 82 Unlock Company Profile
Diebold Nixdorf 79 Unlock Company Profile
Bundesdruckerei 73 Unlock Company Profile
NXP Semiconductors 70 Unlock Company Profile
Alphabet 67 Unlock Company Profile
JPMorgan Chase 65 Unlock Company Profile
Block 60 Unlock Company Profile
International Business Machines 60 Unlock Company Profile
Samsung Group 56 Unlock Company Profile
Cubic 54 Unlock Company Profile
BlackBerry 51 Unlock Company Profile
Bank of America 48 Unlock Company Profile
Coca-Cola Enterprises Great Britain 42 Unlock Company Profile
Kudelski 41 Unlock Company Profile
PayRange 40 Unlock Company Profile
STMicroelectronics 40 Unlock Company Profile
Panasonic 38 Unlock Company Profile
Upaid Systems 37 Unlock Company Profile
Walmart 36 Unlock Company Profile
Fiserv 34 Unlock Company Profile
Deutsche Telekom 33 Unlock Company Profile
Microsoft 33 Unlock Company Profile
Morgan Stanley 32 Unlock Company Profile
Dover 31 Unlock Company Profile
Apple 30 Unlock Company Profile
China UnionPay 29 Unlock Company Profile
NEC 29 Unlock Company Profile
Furukawa 29 Unlock Company Profile
PepsiCo 28 Unlock Company Profile
Qualcomm 28 Unlock Company Profile
A La Carte Media 26 Unlock Company Profile
MeReal Biometrics 26 Unlock Company Profile
LG 26 Unlock Company Profile

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.

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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.