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 Arkansas-based company spent nearly four years on the M&A sidelines, grappling with asset quality issues and litigation tied to its 2022 acquisition of Texas-based Happy State Bank. Now it's signed a letter of intent to buy an unnamed bank.
The company cited efforts to improve profitability behind its decision, with Popular joining a line of other banks in ending mortgage operations in 2025.
Zelle's parent Early Warning Services said Friday it was planning to take its peer-to-peer payments network international through a new stablecoin initiative. It says the details will come later.
Nicolet Bankshares has agreed to buy MidWestOne Financial in an $864 million, all-stock deal. The acquisition will move the Wisconsin-based buyer into Iowa and the Twin Cities, while also allowing it to vault past a key regulatory threshold.
