Internet of things innovation among payment sector companies has dropped off in the last year

Research and innovation in internet of things in the banks, payment providers, cards programmes and processors sector has declined in the last year.

The most recent figures show that the number of IoT related patent applications in the industry stood at 38 in the three months ending May – down from 58 over the same period in 2021.

Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 53 in the three months ending May 2021 to 41 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

IoT is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Bank of America was the top IoT innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The bank filed 7 IoT related patents in the three months ending May. That was down from 8 over the same period in 2021.

It was followed by the US based PayPal with 7 IoT patent applications, the US based Visa (6 applications), and US based Mastercard (5 applications).