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.

Bloomberg News

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.

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