PayPal has announced it will be launching two new innovation centres to help develop its technology in the months to come. The two establishments in Chennai and Bangalore will seek to further cement PayPal’s technology credentials and specialise in machine learning, artificial, data science, Internet of Things, virtual reality and robotics.
The new labs will work with existing facilities in the USA and Singapore and enhance Paypal’s incubator offerings.
Mike Todasco is the director of innovation at PayPal and says: “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.”
Since the divorce from eBay just over 2 years ago, PayPal has made decent strides forward and is clearly keen to invest in technology as it enjoys independence and India is an obvious location for these new labs. An increasingly educated, technical workforce speaking English make for attractive employees.
Not only does India have a burgeoning tech scene, with particular expertise in financial technology, but it is one of the key growing ecommerce marketplaces where they can likely prosper too. Both eBay and Amazon are both investing heavily in the world’s second most populous country.
What would be most interesting to know, more precisely, is exactly what PayPal is exploring and developing with its recent investments. Clearly some of it will be focussed on lending and risk assessment. Boring old money worries where machine learning and AI could clearly give them an advantage. But my nerdy curiosity would love to know about the outlandish and crazy ideas they must also be considering as they push the boundaries of technology forward.