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FinTech firm Innoviti sues payments co Pine Labs for patent infringement

FinTech player Innoviti has sued digital retail payments company Pine Labs for infringing on its patent for technology enabling Unified Payments Interface (UPI) at point of sale terminals.

The Bengaluru-based said that it has filed the suit for infringement against the Noida-based payments company before the City Civil Court, Bengaluru and has been granted an ex-parte ad interim injunction against the latter with effect from July 16, 2019.

Following the interim injunction, Pine Labs has been prevented from manufacturing, selling, distributing, exporting and dealing with this technology through its Plutus Smart or any other device in India, Innoviti said in a statement.

According to Innoviti, its invention of the payments processing using transaction-specific dynamic-QR technology was granted patent by the Indian Patent Office till March 2037. The technology enables processing of UPI, Bharat QR and other QR-based payment forms through PoS devices that are normally used for card payments. However, according to Innoviti, the technology was being

Innoviti, backed by investors including Infosys co-founder NR Narayana Murthy’s Catamaran Ventures, SBI Ven Capital, Singapore and Bessemer Venture Partners, use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs 30,000 crore of payment transactions, which is about 4.3% of all offline merchant payment transactions in India. This also includes Rs 1,500 crore of transactions involving distribution of loans to consumers and small businesses.

IBS Intelligence sent an e-mail to Pine Labs but the company said it is yet to go through the legal documents. Backed by top VCs such as Sequoia and Temasek, Pine Labs is also a leader in the retail payment segment.
Even as Indian FinTech segment is witnessing a spurt in companies coming up with innovative products and solutions, it is very likely that cases related to patent infringement would also increase.

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