Will The Physical Card Be Eliminated?


In the journey towards becoming digital, physical cards played somewhat of a lead role.

In earlier days when online transaction applications were not in the picture, or when online banking is still new, physical cards lead the cashless campaign.

They are secure, convenient, and can be easily used.

But as the years progress so does the technology, introduction of online transaction applications, increased use of mobile devices and internet connection attracted customers towards other online payment options.


With COVID restrictions, contactless payments are predicted to be more popular, and one year in the pandemic, we can clearly observe that the case is in fact true.

Physical cards have a special place in everyone’s pocket, but while customers and merchants are getting inclined towards alternate online payment methods, will they cease to exists? Let’s compare-


Physical cards, come with a high risk of theft. When stolen, these cards can be used to impersonate the cardholder to commit fraud.

On the other hand, mobile on online payments require double authentication or OTPs to complete the transactions and they can not be hacked.

Alternate online payment methods have all the information you need to make a payment in one place.

You don’t need to give the vendor your details, or mobile device, as most of them are tap to pay type apps.


With mobile payments checkout process becomes simpler and easy. In some cases, cards may get declined, but alternative online payment solutions offer more than one method that can be used if one method fails.

Today, almost everyone carries around a mobile device that allows applications to transact online.

Customers don’t need to carry mobile and physical cash, cards with them.  In any case, if the cards get lost, it is really difficult to track them, but mobile devices are easy to track with the latest technologies.


On the merchant’s side, alternative payment methods, such as mobile payments won’t need a big infrastructure or physical devices to accept payments reducing the overhead cost.


Want to accept online payments without any hassle – go for Lyra’s EPOS application – effortless online payment collection with ease.


On the other hand, accepting card payments often require bulky devices and their maintenance and training can add overhead cost to the business.

Though there are numerous advantages of alternative payment methods, people still feel more familiar with card payments.

With the new technology, there needs to be an awareness campaign to make customers and merchants feel more relaxed and less fearful of digital payment systems and alternatives.


Lyra’s online payment solutions –  


Lyra offers online payment solutions that are easy to integrate, convenient, and are highly secure like Lyra EPOS, WhatsApp Payment Solution, SIM Solution, POS routing solution, payment switch, and many more.

Enabling one-stop shop solutions for banks, customers, and all types of businesses, Lyra’s unique technology reduces transaction time and enables cost savings for its users.

With multiple payment methods, like UPI, e-wallets, etc. these solutions are fast, secure, easy to use, and easy to integrate.


Lyra WhatsApp Payment Acceptance SolutionLyra’s WhatsApp Payment Acceptance Solution uses the world-renowned application ‘WhatsApp’ for online payments.

Merchants can create and share the link via WhatsApp, and customers just have to click on the link that diverts them to the payment page and proceed with the payments.

Lyra has a direct partnership with WhatsApp for payments. WhatsApp messages are encrypted and Lyra uses India’s one of the most trusted payment gateway – Lyra’s Payment Gateway to facilitate the transactions making it the most secure online payment method.

Lyra’s WhatsApp Payment Solution enables bulk payments and customized payment orders. It also offers day-to-day generated transaction reports and a dashboard to view transactions. It works in four easy steps,

  • Creation of payment order
  • Generation of the payment order
  • Finalization of the payment and
  • Confirmation of the payment


Lyra EPOSLyra EPOS enables merchants to collect online payments via the Lyra EPOS application.

It works in three easy steps. Collect, share and collect. Merchants can create a payment order (either QR code or payment link), share it via any messaging application, and then collect payment from the customer.


Lyra’s EPOS application replaces the bulky POS machine at the checkout counter and in turn, reduces overhead costs.

It can also be used by businesses with no websites or business applications. There is no need for customers to download any additional application to complete the transactions as the payment order can be shared via any messaging application.

Customers also don’t have to share their personal and bank details in order to complete the payment.

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