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 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Internet of Things in banking: in-vehicle paymentsBuy the report here.

According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze innovation intensity for the banking industry, there are 30+ 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 40+ 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

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Headwater Research Llc 202 Unlock Company Profile
Headwater Partners I LLC 191 Unlock Company Profile
Nuro Inc 131 Unlock Company Profile
INRIX Inc 88 Unlock Company Profile
Stream Co Ltd 59 Unlock Company Profile
Blaze Mobile, Inc. 58 Unlock Company Profile
Proxense, LLC 22 Unlock Company Profile
Visa Inc 17 Unlock Company Profile
Mastercard Inc 14 Unlock Company Profile
Hitachi Ltd 10 Unlock Company Profile
Zwipe AS 9 Unlock Company Profile
Live Nation Entertainment Inc 8 Unlock Company Profile
Alphabet Inc 7 Unlock Company Profile
Samsung Group 7 Unlock Company Profile
Kapsch TrafficCom AG 7 Unlock Company Profile
Instrumentmail, LLC 6 Unlock Company Profile
Alibaba Group Holding Ltd 6 Unlock Company Profile
Verizon Patent And Licensing, Inc. 6 Unlock Company Profile
Didi Global Inc 5 Unlock Company Profile
Stryker Corp 5 Unlock Company Profile
Hefei Midea Intelligent Technology Co Ltd 5 Unlock Company Profile
AT&T Inc 5 Unlock Company Profile
American Express Co 4 Unlock Company Profile
MCI Communications Corporation 4 Unlock Company Profile
Panasonic Holdings Corp 4 Unlock Company Profile
Inmar Inc. 4 Unlock Company Profile
ItsOn, Inc. 4 Unlock Company Profile
Samuel Garfield 4 Unlock Company Profile
Advanced New Technologies Ltd. 3 Unlock Company Profile
365 Retail Markets, LLC 3 Unlock Company Profile
Koninklijke KPN NV 3 Unlock Company Profile
NCR Corp 3 Unlock Company Profile
Wells Fargo & Co 3 Unlock Company Profile
Rococo CO.,Ltd 3 Unlock Company Profile
Princeton Identity 3 Unlock Company Profile
Foxconn Industrial Internet Co Ltd 2 Unlock Company Profile
Daon Inc 2 Unlock Company Profile
SK C and C Co Ltd 2 Unlock Company Profile
SSE Co Ltd 2 Unlock Company Profile
Thales SA 2 Unlock Company Profile
IQX Corp 2 Unlock Company Profile
BBPOS International Ltd 1 Unlock Company Profile
First Datacorp 1 Unlock Company Profile
Open Invention Network LLC 1 Unlock Company Profile
ViVOtech, Inc. 1 Unlock Company Profile
Zenrin Co Ltd 1 Unlock Company Profile
Hon Hai Precision Industry Co Ltd 1 Unlock Company Profile
JPMorgan Chase & Co 1 Unlock Company Profile

Source: GlobalData Patent Analytics

Headwater Research is one of the leading patent filers in in-vehicle payment services. Other key patent filers in in-vehicle payment solutions include Nuro, INRIX, Stream, Blaze Mobile, and Visa.

In terms of application diversity, Verizon Communications leads the pack, while MCI Communications and Koninklijke KPN stand in second and third positions, respectively. By means of geographic reach, Nuro holds the top position, followed by Stream and Blaze Mobile.

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.