Innoviti Files Patent Infringement Case Against Pine Labs
On 17th July 2019, Innoviti Payment Solutions revealed that it has alleged Pine Labs Pvt Ltd for infringing its patent. The plaintiff, which is a Bengaluru-based digital payments provider, filed the case revolving around a processing technology that enables UPI payments at retail POS (Point-of-Sale) terminals, in Bengaluru City Civil Court on 11th July 2019.
The Court granted Innoviti an ex-parte ad interim injunction against Pine Labs. Coming into effect immediately on 16th July 2019, it prevents the defendant from manufacturing, distributing, advertising, selling, and even exporting this technology via its ‘Plutus Smart’ or any other device in India.
According to Innoviti, its invention for payment processing by using transaction-specific dynamic-QR technology was granted a patent by the Indian Patent Office on 15th March 2019. The patent rights in association with its patent number – 309274 will be in force till 29th March 2037.
In what way does this processing technology work?
The transaction-specific dynamic-QR technology enables payments processing through UPI, Bharat QR, and other QR-based forms of payment. It involves the PoS (Point-of-Sale) devices that firms generally use to accept debit and credit card payments.
Every payment transaction made by using this technology processes with a unique code, which ensures better fraud control, less error-prone cashier-customer interaction, and more secure transactions.
The plaintiff shared that the company has already licensed the same technology to several partner financial organizations and is currently in discussion with more.
The investors who support the Bengaluru-based Innoviti include:
- Catamaran Ventures,
- SBI Ven Capital, Singapore,
- Bessemer Venture Partners, US.
Rajeev Agrawal, Innoviti’s chief executive, said that one of their employees informed them about a shop in Bengaluru, which is using the same technology. He added that such information had placed them in a shocking situation. He continued that they came across many instances revealing the possibilities of their Patent Infringement by several Indian commercial organizations that deal in selling and offering for sale payment devices. Hence, they began legal enforcement of their Intellectual Property Rights (IPR), such as patent rights.
Innoviti annually processes near about $5 billion of payments across India from approximately 1000 cities and till now, has filed 16 Patent Applications in various payment technology sectors. For more visit: https://www.kashishipr.com/
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