Having extended its partnership with Visato intensify APAC expansion to foster digital payments, PayPal has now introduced two technology Innovation Labs in India to promote innovation and nurture fintech startups.
Digital Payments, AI and VR will power the Indian economy in future and PayPal is using the momentum to its advantage. The two labs based out of Chennai and Bangalore will support projects in the field of machine learning, AI, Data Science, IoT, AR, VR, and basic robotics
Mike Todasco, director of innovation, PayPal said, “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,” he added.
“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," said 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 centers in India,” he added.
The lab is the first by PayPal in India and its third after the USA and Singapore. It will integrate some of PayPal’s on-going initiatives such as the PayPal Incubator.