PayPal launches two technology innovation labs in India

BENGALURU: PayPal said it had opened two innovation labs in India to support projects in the field of machine learning, artificial intelligence and other new technologies.

The labs – in Bangalore and Chennai – are the company’s first in India. PayPal has labs in the US and Singapore.

“India is a hotbed for innovation given its evolving startup ecosystem, diverse merchant profiles and enormous talent pool. To cater to their needs in the most effective manner, we are delighted to announce the launch of our newest Innovation Lab in India, where the focus will be on fueling new age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in,” Mike Todasco, Director of Innovation, PayPal, said.

The labs will also work on the internet-of-things, penetration testing, software defined radios and wireless communication, virtual and augmented reality, computer vision and basic robotics.

The India labs will also be integrated with some of PayPal’s on-going initiatives such as the PayPal Incubator, which was launched in 2013, to develop and nurture the next generation of fintech startups.