PayPal nurtures fintech innovation in India

PayPal nurtures fintech innovation in India

PayPal has set up two innovation labs in India – based out of the company’s tech centres in Chennai and Bangalore – to help the country’s fintech start-ups grow.

The two labs will explore digital payments, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), data and analytics, internet of things (IoT) and robotics.

They will integrate some of PayPal’s ongoing initiatives, such as PayPal Incubator.

Mike Todasco, PayPal’s director of innovation, says “the focus will be on fuelling new age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in”.

He goes on to describe India as a “hotbed for innovation given its evolving start-up ecosystem, diverse merchant profiles and enormous talent pool”.

Guru Bhat, GM technology and head of engineering, PayPal in India, adds that over 145,000 patents were registered in the country in 2013-2016. “India’s innovation potential is enormous and will certainly break benchmarks with the right kind of encouragement,” he states.

The labs are the first by PayPal in India. The company already has an innovation lab in the US and one in Singapore.

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Deadline for submitting the nominations is 25 August 2017.