Could Apple Be The Napster of FinTech?
Based on a lawsuit filed by Fintiv Technologies in Austin, Texas, (the creator, sole owner of the mobile wallet, secure element, digital widget patent, and 100+ additional FinTech patents) it appears it could be true. Apple Inc. once the most valuable company on the planet could be in deep trouble. It appears that Apple has infringed on more than 1 Fintiv patent. Finitiv is the undisputed creator and inventor of the mobile financial services industry and had done the first mobile payment transaction some seven years before Apple launched Apple Pay in 2014.
The secure element digital widget technology is critical to the activation of Apple Pay. Without the secure element digital widget, there is no Apple pay. Fintiv’s mobile wallet and secure element, digital widget patents were issued before apple pay was launched in 2014. Based on the most recent emergency motion filed by Fintiv it appears that the judge is concerned given that he sealed the file based on the seriousness of the allegations and has scheduled it for an upcoming hearing.
An informed outsider with knowledge of the situation believes that withheld information by Apple was recovered by an informant who believes the evidence is irrefutable and proof of Apple Inc’s misconduct. The new evidence allegedly shows that Apple met with Fintiv’s executives in 2011-13 and after which reverse-engineered and stole Fintiv’s technology then launched Apple Pay.
Apple then hired at least 1 of the Fintiv executives that they previously met with in repeated meetings in 2011-13 and hired said employee to work for Apple Pay, suggesting that corporate espionage occurred (a federal crime). In 2021 alone Apple completed over 1 Trillion dollars worth of transactions on Apple pay, and have added roughly $1.7 trillion in market cap value to Apple Inc as a result. Ironically Fintiv Technologies is without question the creator of the mobile financial services industry having completed the first mobile payment transaction in 2007 on its trumpet wallet. If the evidence being presented to the court is accurate it will confirm the suspicions of many.
Apple could be in very serious trouble. The emergency motion has now been scheduled to be heard in the upcoming weeks. This appears to be one more example of big tech stomping on the legal rights of small innovative companies because they can, truly a David vs. Goliath situation. Let’s wait and see what happens…
About the author Kush Mathow, Kush Mathow has been recognized by Forbes, Entrepreneur, Yahoo Finance, and many others. As an 18 year old he is looked up to by many for his entrepreneurial success in various industries including financial education and investing, apparel, cryptocurrency developments, and more.