World’s biggest online payment firm, PayPal has launched two innovation labs in India, in the hopes of developing and capitalizing the country’s growth potential in the fin-tech sector. The two labs, located in Chennai and Bengaluru, are the company’s first installments in India, and only the third worldwide, following the ones in the US and Singapore.
These innovation labs will support innovation across diverse fields including machine learning, artificial intelligence, data science, internet of things (IoT), penetration testing, software defined radios and wireless communication, augmented reality/virtual reality (AR/VR), computer vision and basic robotics, the company said.
Additionally, the facilities will also sport a number of high-tech hardware and software for PayPal’s employees to play with, including the Raspberry Pi with full sensor kit, AlphaBot kit, IoT kit, Amazon Echo, AIY kit, Leap Motion, 3D printer as well as Proxmark 3 Kit, HackRF One and Ubertooth One to name a few.
The labs being launched are proof that the world has taken notice of the potential that India holds in the field of startups. A position that was in the beginning solidified by their entrance into the mass outsourcing industry, has continued to grow by leaps and bounds over the years, and India today, stands as one of the world’s largest hubs for tech-based research, startups, and innovation.
With these innovation labs, PayPal aims to further develop the scene, as well as utilize India’s enormously talented employee pool to diversify their operations and delve deeper into new age innovations and solutions from mobile-savvy nations like the one in question.
These labs will also be integrated with some of PayPal's ongoing initiatives in India such as the PayPal Incubator, which was launched in 2013. Moreover, to strengthen the firm’s position in the market, the firm has also reportedly sought a wallet (prepaid payment instrument) license from the Reserve Bank of India.