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 5,000 patents filed and granted in the banking industry, according to GlobalData’s report on Internet of Things in banking: in-vehicle payments. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 176,000 patents to analyze innovation intensity for the banking industry, there are 35+ innovation areas that will shape the future of the industry.
In-vehicle payments is a key innovation area in internet of things
The in-vehicle payment solution is an electronic payment technology that enables individuals to make payments for goods and services from the vehicle itself eliminating the need for any additional payment devices. The payment solution allows drivers to effectively manage payment transactions, thereby eliminating operational inefficiencies at outlets such as fuel stations.
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 45+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of in-vehicle payments.
Key players in in-vehicle payments – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to in-vehicle payments
Source: GlobalData Patent Analytics
Headwater Research is the leading patent filer in in-vehicle payment services. Other key patent filers in in-vehicle payment solutions include Headwater Partners I, Nuro, INRIX, Blaze Mobile, and Stream.
In terms of application diversity, Stream leads the pack, while Koninklijke KPN and Verizon Communications stand in second and third positions, respectively. By means of geographic reach, Nuro holds the top position, followed by Blaze Mobile and Stream.
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.
