PayPal sets up innovation labs in India to ride fin-tech, emerging tech wave
Photo Credit: Reuters

Online payments major PayPal Holdings, Inc. has set up two new innovation labs at its Chennai and Bangalore tech centres, its first such facilities in India and third globally after the US and Singapore.

These labs will support projects in machine learning, artificial intelligence, data science, Internet of Things (IoT), software-defined radios, virtual and artificial reality and basic robotics, among other fields, a company statement said.

They will also be integrated with some of the company’s ongoing initiatives, such as the PayPal Incubator, to develop and nurture fin-tech startups, the statement added. Launched in 2013, PayPal's startup incubator offers office space, mentoring and technical training, and networking opportunities to incubatee companies.

“The focus will be on fuelling new-age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in,” said Mike Todasco, director of Innovation, PayPal.

Like several other payments firms, PayPal has also displayed its interest in India's fin-tech space, which has grown by leaps and bounds following the government's decision to scrap old high-value banknotes in November last year.

To strengthen its position in the market, PayPal has reportedly sought a wallet (prepaid payment instrument) licence from the Reserve Bank of India.

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