The retail industry continues to be a hotbed of patent innovation. Activity is driven by e-commerce, data analytics, supply chain management and risk mitigation, and the growing importance of technologies such as blockchain, smart checkout and robotic inventory management system. In the last three years alone, there have been over 59,000 patents filed and granted in the retail industry, according to GlobalData’s report on Online payments in retail: mobile payments. Buy the report here.
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According to GlobalData’s Technology Foresights, which uses over 126,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
Mobile payments is a key innovation area in online payments
Mobile payments utilize a mobile device such as a tablet, laptop or smartphone to make payments or transfer funds via an application (app) or payment platform. The method enables shoppers to make quick and secure payment transactions without the need to carry cash or cards.
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 360+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of mobile payments.
Key players in mobile payments – a disruptive innovation in the retail 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 mobile payments
Source: GlobalData Patent Analytics
The leading players in the mobile payments space in terms of patents filed are Visa, Headwater Partners I, PayPal, and Apple.
Visa’s ‘contactless for mobile’ solution is a payment option that does not require any Visa card to initiate or complete a transaction via mobile devices. The method allows a user to wave and pay on select devices, using Visa’s contactless app.
Verizon Communications, Nio, and Headwater Partners I are the top companies in this space in terms of application diversity.
The leading companies in terms of geographic reach are Blaze Mobile, Gelliner, and Nio.
Mobile payments are convenient and highly secure options and help make shopping a hassle-free experience for customers, thereby driving more opportunities for these payment options in the retail sector.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Online Payments in Retail.
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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.
