PayPal Banking launches two technology innovation labs

The global leader in digital payments, PayPal has announced the launch of two technology innovation labs at Bengaluru and Chennai Tech centers. The lab is the third by PayPal after US and Singapore. With innovation being the core value of Paypal globally, the technology innovation labs aim to serve as a strong platform for innovation. The labs are built with a focus on three important areas, which include innovation, productivity and education. It aims to build and refine new technologies and to create a platform for the employees to engage and ideate with one other over a spectrum of themes.

Given the evolving startup system, India is a hotbed for technology innovation. It has a diverse merchant profile and an enormous talent pool. To cater to the changing needs in a most effective manner, PayPal has launched the technology innovation labs. The focus of the lab will remain on fueling new technology as well as giving rise to unconventional ideas which have the potential to transform the entire ecosystem. These labs will also support technology innovation in different fields such as machine learning, data science, IoT, artificial intelligence, wireless communication, software defined radios, penetration testing, VR, basic robotics and computer vision.

The facility will house a diverse range of gadgets and hardware for the employees to use. The equipment includes Raspberry Pi with full sensor kit, Leap Motion, Amazon Echo, IoT kit, 3D printer, AlphaBot kit and many more. India’s potential of innovation is huge, with 145K patents already registered; the country can break benchmarks if provided with an opportunity and encouragement. The innovation lab is an attempt to foster the spirit of innovation across the development centers in India. These labs will also be integrated with the PayPals on going initiatives which include PayPal Incubator which was launched in 2013, with an objective of developing and nurturing the coming generations of Fintech startups.

PayPal had been aggressive in 2016; it not only made a reentry in India but also launched various services to boost the digital payment across the country. PayPal grabbed headlines when it proposed to take a 25% stake in Freecharge for $200 million, but Freecharge kept on denying the chances of any such deal. PayPal has constantly worked on the expansion of its operations across different countries and the leader in digital payment is now looking to foray into innovation and expansion.

PayPal has announced a positive move after a period of six months for the Indian economy. This initiative blends well with the core values of promoting innovation across the globe. With the PayPal innovation labs aiming to disrupt the world of Data Science and Robotics, its journey in India will remain interesting.