PayPal Accuses Paytm of Trademark Infringement in India
On November 18, 2016, Paypal Inc. filed an objection at the Indian Trademark Office accusing Paytm, an Indian mobile wallet company, of trademark infringement. The objection comes at the heels of the recent windfall made by the latter on account of a cash-strapped nation moving rapidly towards a cashless normal. For six years, Paytm had been steadily becoming a household name in middle-class India – until it really hit the jackpot on November 8, 2016 when the Indian Prime Minister Narendra Modi announced demonetization of currency notes of Rs. 500 and Rs. 1000 – invalidating overnight 80% of the country’s cash in circulation.