Hyderabad, India, July 23, 2019: PayPal (NASDAQ: PYPL) today announced an expansion of its presence in India with the launch of its third global technology center in Hyderabad. The expansion follows the acquisition of fraud prevention platform Simility in 2018. The centre will be led by Swastik Bihani who brings with him a wealth of experience in product and engineering.
The Hyderabad center will focus on leveraging PayPal’s 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 center will play a critical role in advancing the goals of the Indian Government and Reserve Bank of India to increase digitization of India by enabling these new-age businesses to adopt digital payments in a safe and secure manner.
“PayPal’s expansion in Hyderabad is a testament to the growth of the city as a global hub for multinational corporations and Indian startups,” said Tushar Shah, SVP, Enterprise Platform and Seller Risk, PayPal. “Through this expansion, we’re 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.”
In less than a decade, Hyderabad has become a significant hub for digital economy, pharmaceutical, and biotechnology companies. State government efforts like setting up of the T-Hub and the T-Bridge have played a crucial role in pushing innovation, enabling the startup ecosystem and giving early-stage companies a platform through which to partner across geographies.
“We are in the business of building trust, it is the foundation for us in India and across the globe,” said Guru Bhat, VP and Head Engineering, PayPal India. “India is a key growth market for PayPal and the opening of our global technology center in Hyderabad, the heart of innovation and technology in India, marks a significant milestone on our journey.”
The Hyderabad location will be PayPal’s third technology center in India after Chennai and Bangalore and will house approximately 100 engineers across roles including risk management and operations to provide cutting-edge digital payments solutions to customers around the world. The India technology centers are the largest for PayPal outside of the U.S. and work on technologies ranging from AI/ML to blockchain in an effort to constantly remain ahead of the curve when it comes to money movement and management.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 267 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, Xoom and iZettle, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.