Innoviti Payment Solutions, a Bengaluru-based digital payments provider on 17th July 2019, revealed that it has recently filed an infringement suit against Pine Labs Pvt Ltd. The case was filed in Bengaluru City Civil Court on 11th July 2019, which revolved around a processing technology enabling UPI payments at retail POS (Point-of-Sale) terminals.
Innoviti has been granted an ex-parte ad interim injunction against the defendant by the Court, and the same came into effect on 16th July 2019. Being effective immediately, it prevents Pine Labs Pvt Ltd from manufacturing, advertising, distributing, selling, and exporting this technology by using its ‘Plutus Smart’ or any other device in India.
As per the complainant, the Indian Patent Office had granted a patent to its invention for processing of payments through transaction-specific dynamic-QR technology on 15th March 2019. Patent rights for its patent number – 309274 will be in force till 29th March 2037.
How does this transaction-specific dynamic-QR technology work?
The technology enables payment processing using UPI, Bharat QR, and various other QR-based payment types via Point-of-Sale devices that companies generally use for accepting debit and credit card payments.
The dynamic QR technology, which is different from a single static-printed QR code, generates a unique code for each payment transaction. Moreover, when compared to static QR-based payments, dynamic QR codes ensure less error-prone cashier-customer interaction, better fraud control, and more secure transaction.
Innoviti said that it has not just licensed the same technology to several partner financial organizations but is also in discussion with more at present.
Bengaluru-based Innoviti is backed by many investors, like:
- Catamaran Ventures,
- SBI Ven Capital, Singapore,
- Bessemer Venture Partners, US.
Chief executive at Innoviti, Rajeev Agrawal said that it was just like a shock to hear from one of their employees that a shop in Bengaluru is using the same technology. He said that they came across several instances indicating that many Indian commercial organizations, which deal in selling and offering for sale payment devices, may infringe their patent. Therefore, they have started legal enforcement of their Intellectual Property Rights (IPR), like patent rights.
The plaintiff added that Innoviti processes near about $5 billion of payments across India from over 1000 cities annually and has filed sixteen Patent Applications in various payment technology areas. For more visit: https://www.trademarkmaldives.com
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