Bengaluru, May 26 (IANS): The BharatPe Group and PhonePe Group on Sunday announced that they have amicably settled all long-standing legal disputes pertaining to the use of the trademark with the suffix "Pe".

This comes after a long-drawn legal dispute across multiple courts, since the last 5 years.

"The settlement will put an end to all open judicial proceedings," the announcement said, adding that the companies have withdrawn all oppositions against each other in the trademark registry.

Rajnish Kumar, Chairman of the Board, BharatPe called the move "a positive development for the industry", while appreciating "the maturity and professionalism shown by the Management of both sides".

He added that this will help the companies to move "ahead to focus their energy and resources in building robust digital payment ecosystems".

Both organisations will also undertake to carry out other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.

Sameer Nigam, Founder and CEO, PhonePe, expressed happiness over the “amicable resolution”.

He noted that the outcome will help both companies "focus collective energy on growing the Indian fintech industry as a whole".