Digital payments platform PayPal on Wednesday announced the launch of Innovation Labs at Chennai and Bengaluru, after establishing centers at USA and Singapore.
"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," said director of Innovation PayPal, Mike Todasco.
These facilities will serve as spaces to build and refine new and advanced technologies which will create a forum for employees to engage and ideate across a spectrum of themes with a focus on three core areas namely productivity, innovation, and education.
"With over one lakh 45 thousand registered patents between 2013 and 2016 to its credit, India's innovation potential is enormous and will certainly break benchmarks with the right kind of encouragement," said GM Technology and Head of Engineering, PayPal, Guru Bhat.
The newly set up labs will actively support innovation across diverse fields including machine learning, Artificial Intelligence, data science, IoT, penetration testing, software defined radios and wireless communication, VR/AR, computer vision and basic robotics.
The facility will also house a diverse range of hardware and gadgets for PayPal employees to experience. The labs will also be integrated with some of PayPal's on-going initiatives such as the PayPal Incubator.