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.
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.
The megabank will continue its international retail strategy by opening business in Germany next year, starting by offering savings accounts to consumers.
The Consumer Financial Protection Bureau has released a packed agenda centered on rewriting rules ranging from small business lending to open banking while rescinding several rules finalized under the Biden Administration last year.
Equity Bancshares is expanding into Nebraska with the proposed acquisition of Omaha-based Frontier Holdings; Valley National Bancorp taps Patrick Smith as its new president of consumer banking; Northern Trust in Chicago promoted Michael Hunstad to president of asset management; and more in this week's banking news roundup.
Jeffrey Stanley and Mark Paverman have been charged with mismanaging Synapse Brokerage accounts and failing to preserve emails and instant messages, among other things.
