Paypal, the global leader in online payments has announced the opening of its two innovation labs in Chennai and Bengaluru. These labs will be the first ones by Paypal in India, prior to this, the company has its labs in Singapore and US. The labs will encourage new innovators working in new technologies including machine learning, internet of things, artificial intelligence and Virtual reality and augmented reality.
Speaking on the development, 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,”.
These labs will also help the projects in wireless communication, software radios and penetration testing. According to sources, these labs will complement the other initiatives of Paypal, which include Paypal incubator. Paypal Incubator was launched in 2013 and it helps the young startups working in fintech with all the needed resources and mentorship.