Online payments company PayPal has set up two new innovation labs at its Chennai and Bangalore tech centers in India.
These are the first of such facilities in India set up by the company and third globally after the US and Singapore.
These labs will support projects in machine learning, artificial intelligence, data science, IoT, software-defined radio, virtual and artificial reality and basic robotics, among other fields, according to a release shared by the company.
They will also be integrated with some of the company’s ongoing initiatives, such as the PayPal Incubator, to develop and nurture fintech startups, the statement added. Launched in 2013, PayPal’s startup incubator offers office space, mentoring and technical training, and networking opportunities to companies incubated.
“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.
Paypal is one of the companies that have made a play for India’s fintech space after the government’s recent demonetisation move.
To strengthen its position in the market, PayPal has reportedly sought a wallet (prepaid payment instrument) licence from the Reserve Bank of India.
First published in FinTech Innovation