PayPal launches two new Innovation Labs in India
International online payments company PayPal has recently launched two new Innovation Labs in India. Located at Bangalore and Chennai Techcentres, they will allow increased research through its focus on productivity, innovation and education, from machine learning, AI and IoT, to wireless communication systems.
Mike Todasco, Director of Innovation, PayPal explained: "India is a hotbed for innovation given its evolving start up ecosystem, diverse merchant profiles and enormous talent pool. To cater to their needs in the most effective manner, the launch of our newest Innovation Lab in India will focus on fuelling new age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in.”
“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 at PayPal. “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 company first launched into Asia with its Singapore Innovation Lab in order to further support new, innovative fintech start-ups, alongside developing SME’s. In 2016, Dr Rohan Mahadevan, Chief Executive Officer of PayPal and SVP of PayPal Asia Pacific, said, “Singapore is a perfect melting-pot for ideas and innovation – given the strong support from the government, its massive talent pool backed by a world-class educational system, vibrant start up ecosystem, and diverse merchant profiles.”
PayPal’s partnership with Baidu in China and Korean tech company Samsung has also furthered its presence within Asia, and opened the doors for international collaboration and a sharp rise in online purchasing. Additionally, the company has partnered with three universities in Singapore - the National University of Singapore (NUS), Singapore Management University (SMU) and Nanyang Technological University (NTU).
Within PayPal’s new venture into India, the company is looking to integrate its PayPal Incubator service to support growing fintech start-ups and provide increased networking opportunities in this space and increasingly innovate within the industry.