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 are now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete 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: sensor-integrated PoS terminals.

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.

Automated toll payments, payment actuated vending, and contactless card scanners are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are near field communication (NFC) payments and contactless payments, which are now well established in the industry. 

Innovation S-curve for Internet of Things in the banking industry

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Sensor-integrated POS terminals is a key innovation area in Internet of Things

Sensor-integrated POS terminals refer to point-of-sale systems that are equipped with various sensors such as barcode scanners, RFID readers, touchscreens, and biometric scanners to improve the checkout process, inventory management, and customer experience in industries such as retail, hospitality, and healthcare.

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 sensor-integrated POS terminals.

Key players in sensor-integrated POS terminals – 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 sensor-integrated POS terminals

Company Total patents (2010 - 2021) Premium intelligence on the world's largest companies
Toshiba 892 Unlock company profile
Walmart 240 Unlock company profile
NEC 180 Unlock company profile
Intel 171 Unlock company profile
Nant Holdings Ip 147 Unlock company profile
SoftBank Group 117 Unlock company profile
Extreme Networks 80 Unlock company profile
NCR 63 Unlock company profile
Angel Playing Cards 62 Unlock company profile
Cloudparc 56 Unlock company profile
JPMorgan Chase 46 Unlock company profile
Trax Technology Solutions 45 Unlock company profile
Nio 40 Unlock company profile
Digimarc 38 Unlock company profile
Panasonic 36 Unlock company profile
Everseen 31 Unlock company profile
Hydra 29 Unlock company profile 29 Unlock company profile
Standard Cognition 27 Unlock company profile
Furukawa 24 Unlock company profile
Casio Computer 24 Unlock company profile
LG 22 Unlock company profile
Johnson Controls International 20 Unlock company profile
Mastercard 20 Unlock company profile
Metrologic Instruments 20 Unlock company profile
Accel Robotics 18 Unlock company profile
TERAOKA SEIKO 17 Unlock company profile
Diebold Nixdorf 16 Unlock company profile
Catalina Marketing 16 Unlock company profile
Samsung Group 15 Unlock company profile
Seven & i Holdings 14 Unlock company profile
MSIGHT Technologies 14 Unlock company profile
PayPal Holdings 14 Unlock company profile
Honeywell International 14 Unlock company profile
Capital One Financial 13 Unlock company profile
United States Postal Service 13 Unlock company profile
Jumio 12 Unlock company profile
Fiserv 11 Unlock company profile 11 Unlock company profile
Signpost 11 Unlock company profile
Illinois Tool Works 11 Unlock company profile
Mashgin 11 Unlock company profile
Target 11 Unlock company profile
Seiko Epson 11 Unlock company profile
Gatekeeper Systems 10 Unlock company profile
Visa 10 Unlock company profile
Fast Retailing 10 Unlock company profile
Maplebear 9 Unlock company profile
ArcSoft 8 Unlock company profile
Hefei Midea Intelligent Technology 8 Unlock company profile

Source: GlobalData Patent Analytics

Mastercard is a key patent filer in the field of sensor-integrated POS terminals. The company has filed several patents related to enhanced device interaction for contactless point-of-sale processing, touch screen system and methods for multiple contactless payments, and automated visual retail product recognition. Some other key patent filers in the sensor-integrated POS terminals industry are JPMorgan Chase and Visa.

In terms of application diversity, Angel Playing Cards leads the pack. Nio and Metrologic Instruments stood in the second and third positions, respectively. By means of geographic reach, Intel holds the top position, followed by Samsung and Angel Playing Cards.

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.


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.