Apple and Visa Sued for Payment Processing Patent Infringement
Apple and Visa are being sued because of an alleged patent infringement. Universal Security Registry, LLC claims that their patented electronic payments and identity verification technology are at the cornerstone of Apple Pay and VisaNet.
USR is a small mobile payments processor based in Boston. In 2010, founder and CEO Kenneth Weiss approached Apple and Visa with USR’s newly patented technology. This is several years before Apple Pay was launched in 2014. During the presentation, Weiss provided detailed information about how the technology worked with the protection of a signed non-disclosure agreement. Now, he claims that Apple, with the help of Visa, used the same technology in the development of Apply Pay.
“Occasionally, [large] companies infringe patents and force a patent owner to file a lawsuit as the only way to financially benefit from the technology he invented,” said Weiss.
Weiss has 13 patents in the United States and multiple patents pending for his company’s technological advancements, most of which focus on secure identity authentication and tokenization.
The complaint does not specify how much USR is seeking in damages. If they are victorious in the lawsuit though, they can receive up to three times that amount. Quinn Emanuel is the attorney overseeing the case, and he has been successful with patent infringement cases against Apple in the past.
This entry was posted in Credit Card News and tagged mobile wallet , Visa , Apple , VisaNet , payment processing , identity authentication , mobile payment , payment processor , Apple Pay , tokenization , identity verification , patent infringement , verification technology , Quinn Emanuel , Kenneth Weiss , USR , Apple lawsuit , Visa lawsuit , Universal Security Registry , Apple Pay lawsuit
The information contained within this article was accurate as of May 22, 2017. For up-to-date
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