Chennai: Global leader in online payments, PayPal on Wednesday announced the launch of its new technology innovation labs in Chennai and Bengaluru.

The labs are first for PayPal in India and third after the US and Singapore, respectively, a company statement said.

“India is a hot bed for innovation, given the evolving start-up ecosystem, diverse merchant profiles and enormous talent pool. To cater to their needs in the most effective manner, we are delighted to announce the launch of our newest innovation lab in india.," PayPal, director of innovation, Mike Todasco said.

The labs would support diverse fields including machine learning, artificial intelligence, data science, penetration testing among others. With a focus on productivity, innovation and education, the facilities would serve as spaces to build and refine new and advanced technologies and would create a forum for employees to engage, it said.

The labs would also be integrated with the on-going initiatives including PayPal Incubator launched in 2013, with the objective of developing next generation financial technology start-ups, the statement added.