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 Innovation in Banking: near field communication (NFC) payments. Buy the report here.
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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.
Near Field Communication (NFC) payments is a key innovation area in Internet of Things
Near Field Communication (NFC) payment is a RFID-enabled payment system that allows users to make secure payments using their smartphone or other mobile device, simply by tapping or holding it close to a payment terminal. In the context of Internet of Things, NFC payments have the potential to provide greater convenience and security for a range of applications.
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 Near Field Communication (NFC) payments.
Key players in Near Field Communication (NFC) payments – 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 Near Field Communication (NFC)
Source: GlobalData Patent Analytics
Samsung is a key patent filer in the field of Near Field Communication (NFC) payments. The company has filed several patents for conducting financial and other transactions using a wireless computing device, transmitting wallets between mobile devices, payment service in mobile communication system, giro charge payment in wireless terminal, and processing payments using a proxy credential. Some other key patent filers in the NFC payments industry are China UnionPay and Worldline.
In terms of application diversity, Apple leads the pack. Allegion and British American Tobacco stood in the second and third positions respectively. By means of geographic reach, Princo holds the top position followed by INSIDE Contactless and Cauldron London.
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.
