The retail industry continues to be a hotbed of patent innovation. Activity is driven by data analytics, convenience, social responsibility, e-commerce, supply chain risk management and the growing importance of technologies such as augmented, virtual and mixed reality, among other AI-based technologies. In the last three years alone, there have been over 156,000 patents filed and granted in the retail industry, according to GlobalData’s report on Online payments in retail: NFC payments. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 115,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
NFC payments is a key emerging innovation area in online payments
Near field communication (NFC) payments is a form of contactless payment through mobile wallets such as Google Pay and Apple Pay using NFC technology to transfer data between devices making the payment and readers.
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 120+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of NFC payments.
Key players in NFC 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 NFC payments
Source: GlobalData Patent Analytics
The leading players in the NFC payments space in terms of patents filed for retail sector are Samsung Group, Alphabet, Huawei Investment & Holding, Canon, and Blaze Mobile. Samsung Pay or Samsung Wallet is an in-built contactless payment platform for Samsung devices. The payment method uses NFC-enabled technology to transfer credit or debit card details to an NFC-enabled payment terminal.
By geographic reach, Blaze Mobile leads the pack, followed by Syndefense and iCashe.
The rise in preference for contactless payments amongst shoppers looking for easy and effective payment options will likely continue to drive opportunities for NFC-enabled payments in the coming years.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Online Payments in Retail.