Whilst banks may be racing to ensure their innovations are protected by patents, filing for a patent doesn't always make sense.
This was the experience of Visa, who decided against patenting its Quick Chip technology, which would have enabled cardholders to simply dip their cards (rather than waiting for several seconds for "authorization"). The reason? It would have slowed down adoption.
The credit card processor is one of the most active financial services firms chasing patents in mobile computing, data and analytics and other hot technologies