Fintech Giants End Long Running Legal Battle Over Trademark
In a positive development for the digital payments sector, two of India's leading financial technology companies have amicably resolved their lengthy legal disputes regarding use of a common suffix in their names. BharatPe and PhonePe, who have been locked in legal proceedings stretching several years across multiple courts, have finally settled all outstanding judicial matters according to a joint statement.
The two unicorns, who have revolutionized digital payments in India through their attractive offerings, have withdrawn opposition filings against each other's trademark applications. This will enable smooth registration of the trademarks going forward. Top officials from both organizations expressed satisfaction over putting an end to the drawn out legal battle to focus energies on growing the fintech space.
The dispute stemmed from BharatPe and PhonePe utilizing the suffix “Pe” in their company names since inception. However, cooperation has triumphed as the dispute will now be laid to rest, with all cases before the Delhi and Bombay High Courts also being resolved. Compliance with obligations of the settlement deal will see all legal issues conclusively addressed.
BharatPe Chairman welcomed the maturity shown by both sides to solve outstanding issues amicably. PhonePe's founder hailed the positive resolution allowing the firms to jointly foster Indian fintech. The agreement signals the vast potential when adversaries make room for understanding over conflict. It will benefit customers and the thriving digital payments sphere, ensuring frictions do not impede advancement.
