PayPal taps into Indian innovation
PayPal has opened its first FinTech Innovation Labs in India. Situated in Chennai and Bangalore, these will support projects focusing on machine learning, AI, data science, IoT, AR, VR and robotics.
Mike Todasco, Director of Innovation, PayPal, says: “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.”
“With over one lakh 45 thousand registered patents between 2013-16 to its credit, India’s innovation potential is enormous and will certainly break benchmarks with the right kind of encouragement," says Guru Bhat, GM Technology & Head of Engineering, PayPal. "Enabling innovation and creating amazing experiences for our customers is at the heart of PayPal’s global success and the Innovation Lab is another step to foster this spirit in our development centres in India.”
The lab is its third after the USA and Singapore. It will integrate some of the company’s on-going initiatives such as the PayPal Incubator.