FreeCharge’s patent filing for alternative to OTP a wake up call for other companies

Originally published here.

FreeCharge files patent for technology claiming secure features for online transactions that provide alternative to the SMS based one-time-password (OTP)

Freecharge’s Technology named ‘On The Go Pin’ makes online and offline transactions faster

FinTech innovation by FreeCharge can reduce delay caused in receiving OTP through text message (SMS)

Freecharge’s patent claims innovative technology wherein security pin for online transactions resides within smartphone and keeps changing every few seconds.

To ensure security of online transactions, backend server of bank and merchants verify pin to process transaction.

Startups and companies file FinTech patents to prevent innovation theft and build up portfolio of intangible assets.

Patents serve as valuable assets for innovative companies spending valuable resources in research and development.

Analysis of patent portfolios of active companies and startups in financial technology (‘FinTech’) sector reveal that patenting activity in this patent classification is tossing up.

FinTech patents claim innovative technologies using digital platforms to deliver financial products and services that are implemented via efficient business models.

FinTech patents are filed in business sectors covering payments, banking, wealth management, capital markets, insurance, lending etc.

FinTech patents generally disclose innovations covering data, analytics, Internet of Things (IoT), artificial intelligence (AI), crowdfunding, security, cloud computing, cryptocurrency etc.

Patent filing trends indicate R&D for financial technology based innovations is active among banks, financial institutions, telecoms companies, software companies and e-commerce companies.

Interesting patent filing trends in FinTech sector indicate that institutions like Visa and Bank of America have filed numerous patents.

FinTech patents can be used to generate revenues by enforcement or by selling the patented technology to interested companies.

Rahul Dev, Partner at the law firm, is a patent attorney and international technology business lawyer. Dev’s corporate law practice is aimed at integrating patents, technology laws, intellectual property rights, regulatory and security laws to provide services to FinTech companies.