PayPal is opening two new labs in India to drive innovation by focusing on machine learning, artificial intelligence, the IoT, virtual and augmented reality and robots.
Processing Content
Mike Todasco, PayPal’s director of innovation, said the labs, in Chennai and Bangalore, are positioned to tap a deep local talent pool and a diverse mix of merchants to develop new technology, according to Finextra.
PayPal signage is displayed in front of eBay Inc. headquarters in San Jose, California, U.S., on Tuesday, Sept. 30, 2014. EBay Inc. is spinning off its PayPal division, heeding demands by activist shareholder Carl Icahn and giving the business independence it can use to contend with rising competition from Apple Inc. and Google Inc. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
Other large U.S. payment companies, including Mastercard and Visa, have opened development centers in India. India is also rapidly embracing digital transactions, particularly since the government removed more than 80% of the country's cash from circulation last year.
PayPal has two other technology innovation labs, in the U.S. and Singapore.
Kate Fitzgerald is an Arizona-based senior editor for American Banker and longtime payments reporter. Fitzgerald began her journalism career at the... Read full bio
The card network's recent partnerships attempt to build demand for new forms of artificial intelligence while feeding "value added" revenue — a non-payment fee metric that investors watch closely.
Christopher Phelan, President Donald Trump's nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.
CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
The largest U.S. bank by assets named two co-presidents as part of its latest executive management changes. Marianne Lake, who was widely viewed as a contender to succeed CEO Jamie Dimon, will retire from the company.
