This article has been written by Shruti Chaturvedi, a 3rd year student of Agra College Agra
Abstract
The whole fintech team prioritises their work first on the safety of their database, then on the protection of their trademark and brand. The brand will earn a super profit only if the brand and trademark have earned recognition in the place where they were established. The whole article works to make people aware of the protection of trademarks that is necessary for the growth of the organisation. This article gives a baseline for people’s awareness so they can understand the struggle of creating trademarks and how to make those trademarks a luxurious brand. This whole article explains the trademark, logo, and symbol, what fintech companies are, and how they protect their trademark. This article also discusses the penalties, which are in the constitution. In contrast with this, it increases the reader’s legal awareness. This piece of writing contains the points that can help the organisation protect their brand, and with this, how can they capture their clients minds with their trademark name? It also discusses the case laws, and it also mentions an example of how fintech companies protect their brands and how they make their brands unique in the minds of their customers.
What is a trademark?
A trademark is a title, word, number, symbol, or variation thereof that is attached to a company’s or individual’s products or services in order to identify and set that entity apart from others. The trademark indicates the source of the products or services. It is, in essence, a brand title or symbol.
What is fintech?
Fintech stands for financial technology in its entirety.
Since fintech is a broader term and cannot be defined in a few words, to conclude and to make it easier to understand, the adjectives we can use are “hassle-free, easy, quick, simple, and available 24×7 for the work”.
OR
The Bureau of Indian Standards (BIS) described it as “technologically empowered financial innovation that could result in emerging company frameworks, applications, operations, or products with an associated materialistic impact on financial institutions and markets and the provision of financial services.” Fintech, to put it another way, is the partnership between financial institutions and state-of-the-art technology to build, enhance, and automate banking as well as finance supply.
What fiduciary role does fintech play in the client’s mind?
The security of their clients’ money is the top concern for fintech companies when developing their strategy. mainly because the customer has confidence in the business to protect their money.
What role does brand play in the fintech sector?
A fintech business typically has a unique platform name and logo that serve as brand ambassadors. Securing the appropriate intellectual property safeguard is essential for any fintech company looking to build a brand.
Brands play a key role in the foundation of every sector. But in fintech, branding plays a fiduciary role. Because the goodwill of any brand can take the business in profit as well as in loss. In other words, branding plays a role as a bodyguard in the fintech sector. An identifiable graphic indication used in the trade of goods and/or services to identify the source and place of origin of the products and/or services is called a trademark. A graphic element, a name, a word, a letter, a number, a figure, a combination of colours, a two- or three-dimensional representation, a sound, a hologram, or any combination of these components must all be included in the trademark.
How to protect the trademark?
Acquiring a Trademark for a Unique Domain Name
Selecting a trademark that fits your needs and is distinctive is the first step towards fortifying your FinTech start-up’s brand. You can emulate the strategies used by numerous large corporations. The majority of them have distinctive domain names made up of meaningless phrases that serve as company IDs. Thus, before registering your FinTech start-up trademark, you should conduct an extensive study.
Hunting for important markets
Searching the markets to file for a trademark is the second phase in the FinTech start-up trademark application process. Naturally, you cannot file for a trademark in every business since doing so would be both impracticable and extremely expensive. To ensure that no other business can have the same name as a competitor, you should investigate the markets and industries that are similar to yours.
The FinTech industry as well as financial services, banking, insurance, and other related disciplines would be your main industries and marketplaces. Determining which markets to register for is crucial because failing to do so will prevent you from guaranteeing complete defence for your FinTech start-up trademark.
- It should be short, simple, and easy to pronounce.
How do fintech companies protect their brands and trademarks?
Fintech companies like Gpay, Bhim UPI, Paytm, etc. protect their brands in the following ways:-:
Google Pay( Gpay )
The purchase of unapproved copyrighted content is prohibited by Google Pay. Unauthorised copies of software, video games, and other licenced or protected works, including OEM or bundled software, are instances, as are copies of books, music, movies, and other licenced or protected goods, especially copies with no proper attribution. Businesses are solely and alone in charge of making sure they possess all necessary licences or authorizations before selling any protected content. Google Pay refrains from allowing it to be used for transactions on goods that could cause deterioration, damage, or injury in order to keep people secure online as well as offline (for instance, guns as well as other weapons, explosives, and narcotics).
Google Pay does not allow it to be used for the exchange of wholesale currency. Examples: discounted currencies or currency exchanges; currencies backed by precious metals.
In India, it is not permitted to buy, sell, or exchange cryptocurrencies using Google Pay. Preliminary coin offers, cryptocurrency wallets, and exchanges are a few instances.
When an offer is for a trademarked product or a product that is in accordance with a trademarked product, companies are permitted to use trademarks in the offer’s title or specification. It is the business’s duty to make certain that any usage of this kind conforms with all relevant rules and laws, particularly those pertaining to competitive marketing.
Google Pay’s tagline is “Money made simple”.
BHIM (Bharat Interface for Money) UPI (Unified Payment Interface)
India is moving towards a future based on technology, and BHIM UPI is supporting this development by launching an ambitious campaign to transform the nation into a “less cash society.” This assertion is graphically represented by the tricolour arrows, which were made by fusing the fast-forward symbol with our national flag and drawing reference from an athlete’s attitude. The sign incorporates elements from the official NPCI logo. The arrows’ sharp edges indicate UPI’s accelerated devotion to the nation’s development, while their curved edges remove frivolity and brilliantly contrast BHIM UPI’s forward-thinking with its customary and nationalistic principles.
The BHIM UPI logo is required to be used by banks, partners, and merchants throughout all of their communications. Its dimensions must match the brand logo unit’s solely in terms of height. When BHIM UPI is referenced in a phrase, the logo unit cannot be utilised. It will appear in uppercase text format as BHIM UPI.
The slogan of BHIM UPI is “click karo, pay karo”.
Pay through Mobile (Paytm)
Their terms and conditions work as a shield for the company. If the user doesn’t accept the terms and conditions, then they can’t access or work on the browser. Paytm is the company that owns and runs the Paytm platform and services. The components of the Paytm Services and the Paytm Platform that Paytm provides, including the visual interfaces, graphics, design, compilation, information, computer code (including source code and object code), products, software, services, and all other elements (collectively, the Materials), are safeguarded by Indian copyright, trade dress, patent, and trademark laws, as well as by international agreements, all other applicable laws and regulations, and all other applicable intellectual property and proprietary rights. All content on the Paytm Platform, including trade names, trademarks, and service marks, belongs to Paytm, not the user. The user undertakes not to erase, cover up, or modify any copyright, patent, trademark, or other intellectual rights notices attached to, contained in, or accessible through the Paytm Services/Paytm Platform, or from Paytm or any third party. The user undertakes not to offer for sale or licence, offer distribution, copy, alter, publicly perform or display, transmit, publish, edit, adapt, produce derivative works from, or utilise the materials in any other way without permission, unless specifically permitted by Paytm. All rights of Paytm are not specifically granted in this agreement and are reserved by Paytm. Please get in touch with customer service if you have any feedback about the Paytm platform, services, or ideas for improvement.
The tagline of Paytm is “Paytm Karo.”
■ Steps to protect the brand
Make sure the intellectual property that you own is registered: It is crucial to make sure that one’s intellectual property, such as patents, trademarks, copyrights, and designs, is registered at the initial stage.
Nothing protects products more than registering a trademark. A registered trademark would grant a company full ownership of any words (such as their name), logos, taglines, and other expressions that set them apart from other companies and can also be used as legal leverage against infringers. The brand has the right to file a lawsuit against anyone who uses their mark without authorization if it is registered in a certain jurisdiction.
The initial line of protection against copyright violators for creators of literary, theatrical, artistic, or cinematic works is copyright registration. The purpose of copyright registration is to safeguard the distinctive expression of any original work, including books, scripts, paintings, and novels. You instantly acquire the right to copyright when you produce something original in a fixed, tangible form; publication or for business purposes of your original work is not necessary to maintain your rights.
■ Establishing a Significant Brand Image.
to construct goodwill in a way that acts as a product for a brand. For example, it would be strange to find a place where Domino’s sells cosmetics and Nykaa sells pizza.
■ Easy to remember
The brand name and tagline should be short, simple, easy to learn, and relative to daily life.
■ Forthcoming Risk
Prepared for the imminent danger The brand will only become well-known and safeguarded when management is prepared to face impending threats or disruptions.
■ Establish your strategy for combating infringement.
A registered intellectual property owner must vigorously and strategically detect and combat any kind of brand violation. A letter outlining the issues and outlining a potential settlement strategy should be sent to the infringement as soon as a brand discovers them. The brand should send a cease and desist notice if the party violating is not responding. A brand should take legal action, either civil or criminal, to preserve its intellectual property if the infringing party continues to ignore its requests.
Punishment of using any registered trademark or logo.
In India, trademark infringement is considered a criminal violation, meaning that the violator may be charged with a crime in addition to civil offences. Additionally, Indian law does not mandate that a trademark be registered in order to initiate civil or criminal proceedings. This is because of the common law doctrine of approval, as was previously mentioned. The court may grant the following remedies in cases of passing off or trademark infringement: interim injunction, enduring injunction, damages, Account of profits (damages relative to the amount of money made from the violation) destroyed products with the infringement mark The price of going to court
The subsequent penalty is determined by the judge in a criminal proceeding: detention for a minimum of six months and a maximum of three years. A fine of up to Rs 2 lakh, with a minimum of Rs 50,000
Top Fintech companies in India
This represents a brief overview of some of India’s top fintech startups where you can invest right now:
HDFC AMC
One of India’s top mutual fund companies is HDFC AMC. The organisation offers a variety of products, such as financial advising, mutual funds, portfolio management services, and consulting.
The business has established a strong reputation for itself in the fintech sector over time. For investors looking to make a fintech investment, HDFC AMC has been a top option because of its solid management, consistent returns, and established reputation.
Bajaj Finance
As a non-banking financial institution, Bajaj Finance offers loans and takes deposits. Personal loans, public and corporate deposits, loans against stocks, commercial lending, and other items from its diverse portfolio are among the most popular.
It has frequently been included as one of the greatest fintech companies in India, having steadily developed over the years and providing the desired returns.
CAMS Computer Age Management Services Limited, or CAMS, is a prominent fintech company that focuses on capital markets, banking, financial services, and insurance. It has made significant contributions to the financial business by introducing ground breaking products. CAMS provides mutual funds, alternative investment funds, and other financial institutions with financial infrastructure and services. Furthermore, stock traders have long been interested in CAMS due to the company’s profitability, customer base, and market dominance in the mutual fund business.
CDSL
CDSL, or Central Depository Services (India) Limited, is an additional fintech leader. It provides services in the Depository Segment, Data Entry and Storage, and Repository.
CDSL has an extensive client base due to the recognition of its smooth services among stock market investors. CDSL is frequently found in the portfolios of many stock traders due to its marketplace reputation, consistent returns, and projected growth rate.
KFin Technologies, Inc.
KFin Technologies Limited provides end-to-end transaction management and channel management services via SaaS. The organisation has been a continuous performer in the market with its numerous sectors, such as local mutual investor solutions, issue solutions, and international and other investor solutions.
Case laws
Cadila Health Care v Cadila Pharmaceutical Ltd [2001 PTC (SC) 561]
Case Brief
The appellant’s contention was that its medicine Falcigo contains Artesunate, which is used to treat cerebral malaria, also known as Falcipharum. Following the release of this medicine, the appellant applied to the Trade Marks Registry in Ahmedabad on August 20, 1996 for registration under Part-A, Class-5 of the Trade and Merchandise Marks Act. On October 7, 1996, the Drugs Controller General (India) granted the appellant authorization to market the aforementioned medicine under the trade name Falcigo. Following that, the appellant claimed to have begun manufacturing and selling the medication Falcigo throughout India in October 1996. The defendant was also granted permission to import the aforementioned medicine from another country. According to the appellant, it was discovered in April 1998 that the respondent was selling the aforementioned medicine, which was also used to treat Falcipharum malaria, under the trade name Falcitab. The appellant then filed a suit in the District Court of Vadodara seeking an injunction against the respondent for using the trade mark Falcitab, claiming that it would be passed off as the appellant’s drug Falcigo to receive treatment for the same disease due to the confusing similarities and trickery in the names, especially since the drugs were last chosen as medicines.
Supreme Court verdict
The Supreme Court ruled in this case that it makes no difference whether the plaintiff and defendant work in the same field or sell identical products. It defined the following grounds for deciding a passing-off case based on an unregistered trademark: The nature of the marks (whether they are word marks, label marks, or composite marks); The level of similarity between the marks. The type of items for which they are registered as trademarks; Comparisons in the type, character, and performance of competitor traders’ commodities; The type of buyer who is inclined to acquire goods with the marks. The process of purchasing items or placing orders; Other factors that could be significant
Conclusion
The whole article works to make people aware of the protection of trademarks that is necessary for the growth of the organisation. In this article, the most famous case has also been discussed, through which the reader can estimate the amount of money and energy that have been used to protect the brand as well as the trademark.
References