Hyderabad, Jul 23 (UNI) US-based PayPal Holdings, Inc. which is operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders, has launched its third Global technology centre here here on Tuesday.
The launch of Centre is part of its expansion of its presence in India.
The expansion follows the acquisition of fraud prevention platform simility in 2018.
The Company had already have two centres – Chennai and Bangalore and the Hyderabad has a capacity to accommodate 100 engineers as against current 60.
Speaking on the occasion, PayPal India Vice-President and Engineering Head, Guru Bhat said the Hyderabad centre would focus on leveraging PayPals extensive expertise in data science, risk management and machine learning to empower small and medium-sized businesses to identify and protect themselves from fraud.
The three Indian technology centres are the largest for PayPal outside of the US and work on technologies ranging from Artificial Intelligence (AI) and Machine Learning to blockchain in an effort to constantly remain ahead of the curve when it comes to money movement and management, he said.
Still there was prevailing cash flow even in developing countries like Japan, he said 85 per cent of transactions are still in cash.
To a question, he said we are in compliance with RBI regulations in India as we are already working with its partners on localization of data.
"India is a key growth market for PayPal and the opening of our global technology centre in Hyderabad, the heart of innovation and technology in India, marks a significant milestone on our journey," Mr Bhat added.
PayPal currently has an employee base of about 2,500 employees in all the three tech centres in India.
PayPal Senior Vice-President (Enterprise Platform and Seller Risk) Tushar Shah said with this expansion, we are investing not only in the world class Indian technology talent, but also in continuing to strengthen how we support and grow our global customer base.
He said the Hyderabad centre will also play a critical role in advancing the goals of the Indian government and RBI to increase digitization of India by enabling these new-age business to adopt digital payments in a safe and secure manner.
Telangana State IT Secretary Jayesh Ranjan expressed hope that the company would exceed its expetations as there was huge number of developing centres in the city and hope that that the PayPal technology centre in Hyderabad would contribute for the growth of Fintek forum.
UNI KNR CS 1741