Senior Correspondent, IndianRetailer.com & Retailer Magazine Jul 25, 2019 / 3 MIN READ
PayPal, an American digital payments firm, has expanded its India presence with the introduction of its third global technology centre in Hyderabad. Nasdaq-listed online payment solutions provider’s other centres in the country are present in Chennai and Bengaluru.
Guru Bhat, Vice-President and Head of Engineering, PayPal India, said, “The Hyderabad facility would house around 100 engineers across roles, including risk management and operations, to provide cutting-edge digital payments solutions to customers around the world.”
The newly launched centre will be focusing on leveraging PayPal's extensive expertise in data science, risk management and machine learning. It is aiming to empower small and medium-sized businesses to identify and protect themselves from fraud.
“The India technology centre is the largest for PayPal outside the US and works on technologies ranging from artificial intelligence, machine learning to the blockchain,” Bhat further stated.
PayPal India, an eBay Inc. was honoured with top accolades at the 2014 Zinnov Awards in Bangalore
PayPal believes that the partnership with ORRA and Aashni & Co, is to strengthen its presence in the jewellery and fashion categories.
PayPal, spun off from e-commerce company eBay Inc in 2015, said its net income rose to USD390 million, or 32 cents per share, in the fourth quarter ended Dec. 31, from USD367 million, or 30 cents per share, a year earlier. Revenue rose to USD2.98 billion
PayPal, which has been looking to get a toehold in the fledging but fast-growing domestic digital payments industry, had nearly closed a funding round with Snapdeal's Freecharge last year, but the deal fell through, sources said on condition of anonymity.
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