Sued Pine Labs to stop them from using our tech: Innoviti CEO
Innoviti Payment Solutions Pvt. Ltd. has entered into a legal battle with point-of-sales payments solutions company Pine Labs over the alleged infringement of its patent for technology enabling Unified Payments Interface (UPI)-based payments at POS terminals.
Innoviti CEO Rajeev Agrawal on Wednesday said that it had sued Pine Labs mainly to stop it from using its patented technology.
Innoviti filed the case in City Civil Court, Bengaluru and was granted an ex-parte ad interim injunction against Pine Labs on Tuesday.
"The technology basically allows merchants to have integrated credit, debit card and UPI payment on the same device. This is something we invented about two years back," Agrawal told IANS over the phone.
"Recently we observed that Pine Labs copied this technology and went ahead and actually started creating a product and deploying it in the market for commercial gain.
"That is why we had to very urgently take action to refrain them from doing this. So we filed a suit against them and the court immediately granted us injunction refraining Pine Labs from marketing, selling and distributing this technology," he added.
When reached, Pine Labs did not immediately respond to the allegations. IANS