PayPal, Nasdaq-listed online payment solutions provider, has opened a global technology centre in Hyderabad, the third for the company after Bengaluru and Chennai.
The Madhapur facility, which houses about 100 engineers, will focus on data science, risk management and machine learning. It aims to empower small and medium-sized businesses to identify and protect themselves from fraud.
Of about 3,500 employees in India, about 2,500 are engineers and the rest work in customer support, compliance and operations. The expansion follows the acquisition of fraud prevention platform, Simility, last year.
“The India technology centre is the largest for PayPal outside the US and work on technologies ranging from artificial intelligence, machine learning to blockchain,” Guru Bhat, Vice-president (Engineering) and General Manager of PayPal India, said.
On the data location norms mandated by the Reserve Bank of India and the government, he said the company was working with local partners to conform to the regulations. He said the firm conformed to the local regulations wherever the services were launched.
Though two-factor authentication ensures safety and security in authentication of the user, Guru Bhat said there were ‘myriad ways’ in ensuring safe transactions.
“It (two-factor authentication) is reasonable and well-thought out. But there can be some other solutions that can mimic safety elements in two-factor authentication,” he said.
For one, the way one held one’s phone could help in authentication. “If you marry that into the algorithms, it could help authenticate the user,” he said.
He said the two-factor authentication some times posed challenges as OTPs (one-time passwords) were not received in time to complete the transactions.
He said India was a nascent market for the company as cash still dominated the scene with 85 per cent of all transactions being handled in cash.
“The challenge is to beat the cash,” Guru Bhat said,and it is the same case with several other countries.
Source: The Hindu