Patent Strategies for Fintech Companies: Protecting Innovations in Digital Payments
Securing patents in fintech is challenging due to the complexity of technologies and stringent patentability criteria. WIPO reports that fintech patents often have a shorter lifecycle of 3-5 years. Patent litigation is another risk, with costs ranging from $1 million to $3 million per case and a 15% increase in disputes in 2021. Strategic patent licensing and forming alliances for IP collaborations, or patent acquisitions, is a good option that fintech firms leverage to stay competitive in this sector.