Digital Payments increased with Demonetization
In November 2016, India was struck by demonetization, which was when the country witnessed maximum digital transactions.
Demonetization led the country to face a liquidity crunch, which had a sudden impact on the masses and businesses simultaneously.
For the people of the country, cash was the most convenient mode of transaction and the belief on the same was hard to shake.
Anyhow, demonetization led to a ban on INR 500 and INR 1000 currency notes. Many businesses and the general public were left with not many options except for standing outside ATMs in long queues.
Although the digital mode of transactions like cards and digital wallets were prevalent, many small businesses lacked the basic infrastructure for carrying out transactions.
This led to the businesses choking since the shortage of the medium of payments led to fewer sales or sales on credit.
Hence, the situation called for something to be done on an immediate basis and that was to increase the strength of digital transactions.
It was one rarest of the rare times when digital transactions were demanded at the rate of several transactions per minute across the nation.
During this challenging phase, most of the digital payment providers could not match the demand since they were not ready for a situation as grueling as this.
An immense scenario like this was taken care of by Lyra Network, India as it understood the gruesome need of providing the masses with a robust medium to keep making digital transactions.
How did Lyra help its Clients during Demonetization?
Lyra’s payment infrastructure was also a part of the struggle during demonetization since several transactions led to huge pressure on the payments channel.
During this phase, a spur in the volumes of transactions led to the crashing of various platforms overnight.
However, despite high demands for online transactions, Lyra’s system kept providing continuous support to the public without fail, all thanks to its technological edge!
This, being a part of the ‘Digital India’ initiative, gave a further boost to cashless transactions and as a result, we have witnessed a shift from the traditional way of making payments to technology-induced payment platforms.
Nevertheless, it was extremely difficult for the masses to psychologically accept and adapt to the scenario of digital payments being the favored option for making and receiving payments.
However, the uninterrupted provision of Lyra’s safe, convenient, and quick services for continuing the transactions made small businesses deepen their trust in digital payments and particularly in Lyra.
Lyra is highly supportive of Omni-channel businesses and that is what has helped small businesses attain their objectives of safe, quick, and uninterrupted payments in all kinds of scenarios.
Hence, during demonetization:
- Lyra Network continued its operations in full swing with its active data recovery centers in Mumbai and Bangalore.
- Strengthened all the partnered leading banks to provide an undue service to all the associated businesses through Lyra’s payment infrastructure.
- Apart from the banks, Lyra has dedicated connectivity with the telecoms, and it maintained continuous follow-up to inflict processing of smooth transactions.
- Technically, the configuration from Lyra’s end was an enhanced one, which made the flow of transactions smooth enough during high utilization of the payment channels.
So, what all does Lyra’s E-POS offer?
Since Lyra has established itself as a major player in the Fintech industry, Lyra’s E-POS is one of the exquisite services that have it all available in a single application for merchants to carry out smooth transactions.
E-POS is Lyra’s one of the online payment services that are available as an application on the mobile phone of the merchant.
It is equipped with an advanced method to receive payments from mobile phones with several benefits. Adding on to the benefits, Lyra’s E-POS is available for downloading and is easy to operate with convenient navigation.
It suffices the needs of an Omni-channel business, as it is always available in the merchant’s mobile phone for door-to-door deliveries.
The application generates a payment link, which can be shared with the customer via a QR code or any communication channel (Social media, e-mail, SMS) to make on-the-spot payments at ease.
It allows the customer to make payments from Cards, Net Banking, Wallets, and UPI.
This all sums up the benefits that are more precisely stated as:
- Seamless flow of transactions
• Reduction in the operational cost
• Cashless transactions
• No need for a separate machine
• Maximum security with reliable application
• Fraud & Chargeback minimization
• Quick transfer of transaction each time
1 million POS terminals and 70,000 online shops
Lyra, with its innovative payment management tools and secure infrastructure, has been able to address the concern of cybersecurity also efficiently.
Lyra Network manages the flow of over 1 million POS terminals and 70,000 online shops and is currently spreading its reach in countries like Nepal, Bhutan, Sri Lanka, Bangladesh, and so on.
It also caters to the payment-related requirements of the organizations. Besides, its platform is well-equipped to ensure security in payment processing across a plethora of payment modes including credit and debit cards, net banking, and e-wallets. Currently, Lyra is processing 1.5 million successful transactions daily.