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 Environmental sustainability in Banking: V2G payments.
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.
V2G payments is a key innovation area in environmental sustainability
V2G payments is a technology that lets electric vehicles sell demand services to the power grid. This can be done by either demand services supplying electricity or decreasing their charging rate. Consequently, pressure on the grid is minimised as it is better able to control disruptions due to load variations.
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 30+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of V2G payments.
Key players in V2G payments – 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 V2G payments
Source: GlobalData Patent Analytics
Honda Motor is one of the leading patent filers in V2G payment services. The company filed a patent for battery temperature control device in January 2021. The device controls the temperature of the battery of an electric vehicle participating in V2G, which provides bidirectional power exchange between the electric vehicle and a power system. Some other key patent filers in the V2G industry include General Electric, Causam Energy, Toyota Motor, AES, and Ford Motor.
In terms of application diversity, AES leads the race, while Mitsubishi Heavy Industries and Tanktwo stood in the second and third positions, respectively. By means of geographic reach, Mitsubishi Heavy Industries holds the top position, followed by Honda Motor and Electricite de France. To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.