Worldwide payments major PayPal has recorded a complaint restricting the registration of Paytm’s trademark in a notice with the nearby trademark office, which falls under the ministry of commerce. The notice looked after and reviewed by a publication, says that PayPal has called attention that Paytm‘s trademark is “deceptively and confusingly similar to PayPal” with a similar colour scheme.
“The first syllable in each mark is in dark blue colour and second syllable is in light blue colour. Further both marks begin with PAY’ which consumers tend to remember more than the second syllable, and the marks are of similar length.These similarities cause likelihood of confusion in the aggregate, especially considering the fame of the opponent’s (PayPal) earlier trademark,” said the notice.
When contacted, both PayPal and Paytm spokespersons declined to comment on the matter.
The Noida-based Paytm had publicized its trademark registration in July, a compulsory step, after which anyone, if at all, gets a time of four months to raise objections. Rahul Dev, partner of Tech Corp Legal, said that the timing of PayPal’s notice is intriguing since it was documented on the last day of the compulsory timeline. Paytm has been one of the greatest and biggest beneficiaries of the government’s demonetization plan announced over a month back.
It has seen a major jump in new users, transaction volumes because of cash crunch. PayPal has mentioned in its notice that its brand name has been registered since 1999 across the globe. “It remains to be seen if the matter will reach the courts if they do not find a resolution through this process,” Dev said.
Checkout Latest IT news at itvoir.com
Sameeksha Bhardwaj, From ITvoir News Desk