Lyra News Room
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.
“Lyra is PCI DSS-compliant and certified by Visa, MasterCard and RuPay. These are standard security guidelines and we make sure that our clients know that the payment processing solution they are using is safe, secure, and follows standards given by the Government and RBI.”
– Rajesh Desai
CEO & MD, Lyra Network India
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.
Lack of infrastructure
PoS infrastructure in India is woefully low in comparison to global standards. “Incentivise the payment PoS manufacturer in India to increase PoS base through local manufacturing,” opined Rajesh Desai, CEO & Director, Lyra Network India..
Operating as a processor of card payments from the point of sale and as an
ecommerce gateway provider, Lyra Network handled more than 10 billion
transactions last year from 3 million POS terminals and 55,000 online merchants. Those merchants include Carrefour, Eram..
With the provisions of the new services ahead for the customer base, Lyra is extremely
optimistic about the advancements in the IT sector as its use enables our enterprise to
perform efficiently and also helps to meet the needs and expectations of the..
France-based payments solution provider Lyra Network India expects a growth of 50
per cent this financial year on the back of increased adoption in digital payments and
plans to double its investment in the country.
