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II-PIC 2017: Patents in Payments

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Surendra Vyas (Visa, India)
Vaibhav Shukla (Visa, India)
Sindhu Rao (Visa, India)
Being in the payments space, we are often asked - "What patents do you file in the payments space? What's there to patent?". The payments industry is a fast evolving technological space constantly fueled by innovations. Behind a single payment transaction is a host of technologies at work connecting various parties involved, authenticating account holders, analyzing possibilities of fraud and providing recommendations. There are thus a multitude of patents related to the payments industry protecting the behind the scenes aspects of a payment transaction. In this talk, we would like to make the audience aware of some of these technologies and related patents.

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II-PIC 2017: Patents in Payments

  1. 1. Patents in Payments Presentation at the II-PIC 2017, Bangalore IP Strategy Team Visa Bangalore Surendra Vyas, Vaibhav Shukla & Sindhu Rao
  2. 2. Visa Public2 Disclaimer Case studies, statistics, research and recommendations are provided “As Is" and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. When implementing any new strategy or practice, you should consult with your legal counsel to determine what laws and regulations may apply to your specific circumstances. The actual costs, savings and benefits of any recommendations or programs may vary based upon your specific business needs and program requirements. By their nature, recommendations are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Assumptions were made by us in light of our experience and our perceptions of historical trends, current conditions and expected future developments and other factors that we believe are appropriate under the circumstance. Recommendations are subject to risks and uncertainties, which may cause actual and future results and trends to differ materially from the assumptions or recommendations. Visa is not responsible for your use of the information contained herein (including errors, omissions, inaccuracy or non-timeliness of any kind) or any assumptions or conclusions you might draw from its use. Visa makes no warranty, express or implied, and explicitly disclaims the warranties of merchantability and fitness for a particular purpose, any warranty of non-infringement of any third party's intellectual property rights, any warranty that the information will meet the requirements of a client, or any warranty that the information is updated and will be error free. To the extent permitted by applicable law, Visa shall not be liable to a client or any third party for any damages under any theory of law, including, without limitation, any special, consequential, incidental or punitive damages, nor any damages for loss of business profits, business interruption, loss of business information, or other monetary loss, even if advised of the possibility of such damages.
  3. 3. Visa Public3 Identify X Lets start with a puzzle X was first created back in 1994. A Toyota subsidiary named Denso Wave developed X in order to help in the manufacturing process, they aided in tracking vehicles and parts. It was designed to allow for fast decoding speeds, hence the name X.
  4. 4. Visa Public4 The Four Party Model What Happens When We Pay
  5. 5. Visa Public5 Patenting categories The payment patent landscape 0 0,2 0,4 0,6 0,8 1 1,2 Category 1 Category 2 Category 3 Recomme ndations RecentEstablished IoT Credit/ Debit Mobile devices Wallet Solutions Risk Loyalty Authenti cation Payment tokens Offers Processing Merchant products Based on internal analysis (2017)
  6. 6. Visa Public6 Authentication Progressive Assignee interest in Payment Authentication >=25 >=15 >=10 Authentication Methods The payment authentication patent landscape involves active participation from various non-core payment players. There is a sustained growing interest over the years in the space with more players increasing their footprint as is apparent from the visual representation. 2006 2011 2016 Based on internal analysis (2017)
  7. 7. Visa Public7 Recommendations Recommendation systems - patent share Technology companies Device manufacturers Media companies Telecom companies e-commerce FinTech companies Patents related to recommendation systems in general has surged recently due to technical advancement When restricted to payments, the recommendations are dominated by Fin-Tech and e-commerce companies The recommendations can vary at various levels of purchase – Creating awareness, item and merchant recommendation, payment method recommendation, and post purchase recommendation Based on internal analysis (2017)
  8. 8. Visa Public8 Internet of Things Wearables Home Car Retail City Others Distribution of Patents in IoT Payments Patents related to IoT applications in connected cars have seen a lot of activity; Wearables and Smart City based application also show significant activity; City includes parking/toll payments related patents While there is significant IoT patenting activity around home automation applications, not many of them relate to payments Based on internal analysis (2017)
  9. 9. Visa Public9 Summary The payments industry is a fast evolving technological space constantly fueled by innovations. Behind a single payment transaction is a host of technologies at work connecting various parties involved, authenticating account holders, analyzing possibilities of fraud and providing recommendations. There are thus a multitude of patents related to the payments industry protecting the behind the scenes aspects of a payment transaction. With the rapid changes in the payments domain, patents will remain an integral part of the industry.
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