PayPal is to open two new innovation labs in India to tap into the local talent pool and the country's expertise in AI, data science, virtual reality and the Internet of Things.
The two labs, based out of Chennai and Bangalore, follow the opening of similar facilities exploring the cutting edge of technological research in Singapore and the USA.
Mike Todasco, director of innovation, PayPal says: “India is a hotbed for innovation given its evolving startup ecosystem, diverse merchant profiles and enormous talent pool."
He says the focus of the new labs will be on "fueling new age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in”.