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Conversation with Manoj Varma, Payments Head, Lyra India to understand more about Lyra’s services and solutions.

An exclusive interview with Insights Success, Mr. Rajesh Desai, CEO and MD, Lyra India on the company’s journey, the current industrial scenario, and his opinions on the future of the company.

Rajesh Desai, CEO, and MD, Lyra Network India, believes BNPL’s convenience ensures that customers can make ends meet. “With the sudden surge in the searching for liquidity, continued restrictions on household incomes, and lack of credit providers in the challenging economic environment, customers are enamoured with this new digital solution.”

Rajesh Desai, CEO & MD of Lyra India, is one business visionary who has been instrumental in bringing about numerous changes in India’s fintech industry. Under his leadership, his company became the first venture to herald the country’s fintech industry banner.

According to Rajesh Desai, CEO and Director, Lyra Network India, making payments via credit card can be tedious when compared with payment via UPI or mobile wallets (mobile banking apps). Both, swiping the card at the counter or entering card details while making online transaction is time-consuming. Also, most of the online platforms have an option to pay using UPI or mobile wallets.

Digital payments started gaining traction in India around the time of demonetisation in 2016 and have been booming ever since. This has been possible due to India’s strong will to become a cash-lite economy and efforts of multiple stakeholders. The government of India is working for this cause on the front foot and the banks and private players have been equally participating and driving initiatives to boost digital payments.

“It is imperative for us to understand the precautions that we must take while using them. While the cards do replace the need to carry huge amounts of cash, one must be extremely cautious while using them, especially with a high-risk merchant,” explains Rajesh Desai, CEO & Director, Lyra Network India.

“The credit and debit card purchases sky-rocket during this shopping sale season and as many of us use them, it is imperative for us to understand the precautions that we must take while using them. While the cards do replace the need to carry huge amounts of cash, one must be extremely cautious while using them, especially with a high-risk merchant,” Rajesh Desai, CEO & Director, Lyra Network India.

Rajesh Desai, CEO & Director Lyra Network (India), stressed on the need to follow certain security measures to avoid frauds. “With the technology becoming more and more sophisticated with each passing day, digital transactions are hardly vulnerable to breaches anymore. Today, the payment gateways offer highly effective security and anti-fraud tools to make transactions safe and secure. Transactions are done after double (or even triple) authentication. So, we can say that following certain security measures can help one avoid any cyber fraud,” Desai told FE Online.

Rajesh Desai, CEO & Director, Lyra Network India

The budget has clearly shown that present government has set a long term vision for moving the country to cashless society. In transport payments, mentioning of an integrated transport card (Rupay Card Scheme) to make payments for multiple transport options is indeed a step forward.

Lyra Network India, a fintech company offering transaction routing services, has been playing a pivotal role in making India’s e-payment journey smooth. This year Lyra Network plans to touch new horizons by introducing innovative offerings and services in the digital payment space.