PayPal establishes fintech innovation laboratories in India

14 August 2017

PayPal, a San Jose-based global operator of online payment and money transfer services, announced its plans to establish financial innovation laboratories in India. In the official statement the company reported that PayPal will build its innovation laboratories to use them for the benefit of the nation. The venues for the labs will be located outside Chennai and Bangalore.

Michael Todasco, director of innovation at PayPal, noted that given the rapidly growing and developing fintech environment as well as a wide variety of merchant profiles along with manpower talents in India, the country is playing a significant role in innovation. The focus of the two labs will be on driving the new technologies and encouraging unique ideas with the view to bring transformation and evolution to the industry.

The two labs will be the first laboratories established by PayPal in India, adding to the list of already operating labs in the U.S. and Singapore. Guru Bhat, General Manager for technology and head of engineering at PayPal, noted that bringing innovation and improving customer experience underlie the global success of the company with the innovation labs serving as another step in this direction.

Last month PayPal disclosed its teaming with JPMorgan Chase over further expansion of its mobile payment services while also deepening its relations with Citi to enable loyalty program for their customers.

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