Payments

PayRange, KioSoft settle patent dispute

Image: iStock

January 31, 2024

PayRange Inc., a provider of a mobile payment app and hardware for automated retail, and KioSoft Technologies, also a provider of unattended payment solutions, have settled a four-year patent dispute over mobile payment technology used to enable consumers to pay self-service retail machines such as laundry and vending machines, according to a press release.

PayRange had alleged that KioSoft and its affiliate TechTrex had infringed on PayRange patents. KioSoft has agreed to license PayRange technology that could exceed $62 million over a 10-year period based on outcomes with a base license of $40 million.

"While we had challenged the PayRange patents vigorously, the Patent Trial and Appeal Board upheld the PayRange patents and, although we disagreed with the result, we must now accept that PayRange has valid claims," Charles Lee, president of KioSoft, said in the press release. "We respect the technologies that have helped the self-service industry thrive; and we look forward to continuing to lead innovation and development by providing best-in-class service to our customers with this fully-licensed technology, without any futher legal distractions."

PayRange has developed technology that empowers consumers to pay unconnected self-service machines with a smartphone.

"We're thrilled that we have finally resolved the patent dispute with KioSoft and that our technological innovations have been vindicated," said Paresh Patel, founder and CEO of PayRange.