Lyra payment security system
The digital payments industry in India has seen a tremendous leap in the recent past. It has grown by leaps and bounds with each decade ever since the 90s.
While different modes of digital payments have made transactions quick and convenient to make for everyone from huge organizations to the masses in general, it also comes with a major drawback.
Until and unless a digital payment gateway is backed by strong technical support as well as the team, it cannot assure you a secure environment/platform for your transactions to take place.
Learning about the online payment security issues, let us know what is payment security exactly?
The payment security system is a crucial part of the digital payments industry as it assures safe transactions to merchants with its strong payment integration and support.
It depends on the strong base of a payment gateway that enables secure transactions every time.
This is what is looked into by those payment gateways that make the transaction process not only quick and convenient but prominently safe; for not only the online businesses but also their customers.
Now as far as there is the concern about digital payments being secure, it is still an issue to be sorted by digital payment companies in India.
There are various payment gateway companies offering services to the merchants for going live and starting to receive payments online via their shopping portals but not all offer safe transactions.
Especially the payment aggregators turn out to be quite less reliable when it comes to secure transactions and thus, it adds to the online payment security issues.
As many online businesses are emerging in India gradually, it is proof that technology has established itself extremely well on Indian soil.
This move toward a digitally empowered society and the economy is expected to be safe for both online businesses and their customers alike.
While there is this concern and there are questions associated with the same, the initiative of Digital India can only be fully successful when Indian buyers and sellers are at ease in terms of adopting a cashless payments system.
The ease comes with a surety of transactions being safe and convenient apart from other benefits that online buying/selling provides.
As a payment gateway is quite useful for an economy and captures the three most imperative areas of the society, the elaboration of their respective benefits goes as under-:
For consumers, be it their outfits or the grocery, buying it all is more convenient when purchased online since it leaves the customer with more time on hand and is more convenient with fast and mobile technology.
Similarly, for businesses, it helps in increasing operational efficiency and reduces cash handling costs up to a great extent.
Moreover, the elimination of fraud and theft is promised when the payment gateway provider inculcates a payment security system in the same.
As for the government, as more and more transactions are registered, there is an increase in tax revenue.
Higher transparency and lower administrative costs are other benefits for the government sector by which it becomes more able to run the country well.
This is by far a fact that digitization benefits the government sector and helps it keep tabs on evasion of taxes which is quite not possible in a cashless economy.
Hence, government intervention is obvious in terms of the provision of subsidies to the payment gateways, aid to the technology sector as well as other related sectors, and so on.
Seeing all the challenges that India faces with regard to turning into a successful cashless economy, Lyra Network provides a secure and glitch-free platform to combat online payment security issues.
The reasons behind Lyra Network India’s payment gateway is extremely secure are as under:
The main reason is the strong backing of the French technical team and fraud management tool that helps you set your own business rules based on your field of activity, the profile of your buyers, and your default rates.
This helps in reconciling risk management and conversion rate optimization.
Secondly, there is PCI DSS compliance with robust SSL/TLS 1.2 encrypted communication channel.
Thirdly, it provides instant information so that you are able to view your payments and their status in real-time.
Fourthly, our active team/support is always there to look into your payments’ related queries on an everyday basis. This is sure to provide you with appropriate information for receiving payments.
Fifthly, Lyra’s payment gateway provides you with full autonomy of authentication platforms, which adds to the safety of all transactions.
Furthermore, it provides an addition to the standardized TLE (Terminal Line Encryption) which enables the sensitive credit and debit card data to flow through the acquirer’s network with required protection. This helps protect the data that is always exposed to wire-tapping attacks.
Hence, Lyra assures its clients and customers extreme security and provides much-needed payment gateway security.
Such a payment gateway helps in thwarting online payment security issues successfully, which, in turn, spearheads the vision and mission of making the entire country digital.