Demonetisation took place in November 2016 when all INR 500 and INR 1000 currency notes were banned by the ruling government. This was an extremely crucial time for payment gateways as the entire burden of transactions dawned upon the payment gateway industry.
Status during the phase:
- Lyra Network continued its operations in full swing.
- Even though the industry was flooded with transactions, Lyra could manage a smooth flow constantly with sheer ease.
- This strengthened all the leading banks to provide an undue service to all the associated businesses through Lyra’s payment gateway.
- Apart from the banks, Lyra has dedicated connectivity with the telecoms, with which smooth transactions could be processed.
- Technically, the configuration from Lyra’s end was enhanced with the customized NAC service, which made the flow of transactions smooth enough during high utilization.
What helped Lyra manage it all:
- Robust and redundant setup at Lyra’s data centers at both Mumbai and Bangalore.
- Customized NAC service that made the way for smooth transactions to flow during high utilization.
- Lyra’s in-house tech team that remained in constant touch with telecoms for ensuring good connectivity for the transactions to flow.