To support projects in the field of machine learning, and artificial intelligence, global online payment company PayPal has recently informed that it has opened two innovation labs in India. PayPal, who has labs in the US and Singapore has opened its labs in Bengaluru and Chennai.
Commenting on the development, Mike Todasco, Director of Innovation, PayPal, told ET, “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.”
Apart from supporting AI and ML, PayPal Labs will also work on internet-of-things (IoT), software defined radios and wireless communication, virtual and augmented reality, computer vision, penetration testing and robotics.
According to the media reports, the Indian labs will be integrated with the PayPal Incubator, to develop and nurture the next generation of fintech startups.
Earlier in December 2016, GetMeAShop, a Times Internet backed e-commerce platform has partnered with PayPal to enable small merchants to access international markets. Whereas in May 2016, PayPal has tied up with India’s branded hotel room aggregator OYO Rooms. Under the tie-up, PayPal helped OYO Rooms source payments from global consumers and allow Indian users to make international bookings.