Heard of Maxim Inc.? If you’re a bank interested in developing mobile payments innovation, you should have, because the company claims it invented key technology that entitles it to a piece of the mobile payments pie.
Maxim, a Sunnyvale, Ca.-based semiconductor manufacturer, earlier this year sued some of the major early players in mobile payments, including Capital One, Bank of the West, Starbucks and Expedia. Maxim claimed these companies were infringing on patents it received for tech that enables the processes used to electronically communicate cash equivalents between portable modules. These patents were issued in 1999, long before mobile payments became mainstream.