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 Innovation in Banking: transaction splitting. 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

Transaction splitting is a key innovation area in banking

Transaction splitting refers to dividing a single payment into multiple smaller payments, often for the purpose of making purchases from different vendors or splitting a bill with multiple parties. It is commonly used in group expenses, online shopping, subscription services, and business expenses to manage expenses and make purchases more efficiently.

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 transaction splitting.

Key players in transaction splitting – 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 transaction splitting

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Toshiba 2113 Unlock Company Profile
Mastercard 1317 Unlock Company Profile
Visa 795 Unlock Company Profile
Block 731 Unlock Company Profile
Walmart 646 Unlock Company Profile
NEC 470 Unlock Company Profile
Seiko Epson 440 Unlock Company Profile
Capital One Financial 410 Unlock Company Profile
NCR 394 Unlock Company Profile
Samsung Group 379 Unlock Company Profile
PayPal Holdings 344 Unlock Company Profile
Alibaba Group Holding 329 Unlock Company Profile
Alphabet 320 Unlock Company Profile
Worldline 296 Unlock Company Profile
Apple 285 Unlock Company Profile
Fiserv 193 Unlock Company Profile
Bank of America 179 Unlock Company Profile
eBay 151 Unlock Company Profile
Fidelity National Information Services 139 Unlock Company Profile
Panasonic 136 Unlock Company Profile
Toronto-Dominion Bank 134 Unlock Company Profile
Sony Group 124 Unlock Company Profile
International Business Machines 123 Unlock Company Profile
Blackhawk Network Holdings 120 Unlock Company Profile
SK 105 Unlock Company Profile
Casio Computer 104 Unlock Company Profile
Huawei Investment & Holding 102 Unlock Company Profile
China UnionPay 102 Unlock Company Profile 99 Unlock Company Profile
American Express 97 Unlock Company Profile
Diebold Nixdorf 95 Unlock Company Profile
Toyota Motor 92 Unlock Company Profile
Intel 92 Unlock Company Profile
Bizmodeline 90 Unlock Company Profile
Fortive 84 Unlock Company Profile
Glory 82 Unlock Company Profile
JPMorgan Chase 79 Unlock Company Profile
E2Interactive 72 Unlock Company Profile
Toast 71 Unlock Company Profile
Dover 71 Unlock Company Profile
Intuit 70 Unlock Company Profile
Nant Holdings Ip 69 Unlock Company Profile
Rakuten Group 68 Unlock Company Profile
Tyfone 68 Unlock Company Profile
Groupon 67 Unlock Company Profile
Tencent Holdings 67 Unlock Company Profile
Francisco Partners Management 66 Unlock Company Profile
Extreme Networks 65 Unlock Company Profile
LG 65 Unlock Company Profile
Hewlett Packard Enterprise 63 Unlock Company Profile

Source: GlobalData Patent Analytics

Mastercard is a key patent filer in the field of transaction splitting. The company has filed several patents related to electronic system and method for splitting a transaction cost between multiple parties, systems and methods for generating a shared payment via voice-activated computing devices, and multi-card payment processing using a virtual card. Some other key patent filers in the transaction splitting industry are Visa and Capital One Financial.

In terms of application diversity, Nant Holdings Ip leads the pack. Seiko Epson and Extreme Networks stood in the second and third positions, respectively. By means of geographic reach, Nant Holdings Ip holds the top position, followed by Tyfone and E2Interactive.

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.