PayPal, the digital payments company, is rolling out two new technology Innovation Labs based in India, where FinTech startups are currently flourishing.
According to a news report, with technology like digital payments, artificial intelligence and virtual reality rapidly becoming commonplace around the world, PayPal will use the innovation labs to benefit the economy in India. The labs, according to the report, are based out of Chennai and Bangalore and will focus on initiatives in machine learning, AI, data science, IoT, AR, VR and basic robotics.
“India is a hotbed for innovation, given its evolving [FinTech] startup ecosystem, diverse merchant profiles and enormous talent pool,” said Michael Todasco, director of innovation, PayPal, in the report. “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.”
According to the report, the two labs are the first in India for PayPal, which already has locations in the U.S. and Singapore. “With over one lakh 45 thousand registered patents between 2013-2016 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, also said in the report. “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.”
The new labs come at a time when PayPal is inking a flurry of deals. Last month, it announced it is teaming up with JPMorgan Chase to further expand its mobile payment services and that it is expanding its partnership with Citi to include loyalty rewards.
Separately, PayPal said that as part of the expanded collaboration with Citi, ThankYou Rewards cardholders will soon be able to redeem their points at merchants that accept PayPal online payments, contactless payments and in-app payments. Citi ThankYou Rewards cardholders can select their ThankYou Points to pay for all or part of their purchase when checking out online.
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