Lyra Network India is a perfect example of a leading fintech company that offers tailor-made paytech solutions. They are a leader in e-commerce and proximity payment solutions. The company provides solutions as Payment Gateway services, Banking solutions, White label solutions, and more. The company uses unique technologies to optimize transaction costs and time ensuring data security to its users. With over 10 million transactions per day the company has made a name for itself. We sat in conversation with Manoj Varma, Payments Head, Lyra India to understand more about them. Read on to know more:
1. Tell us about Lyra Network India’s journey and its innovative payment solutions?
Founded in 2007, in India, Lyra Network India has built its way up to becoming a well-recognized player in the field of digital payment solutions. Today Lyra is considered one of the most preferred partners for the financial institutes. India’s Fintech Companies are setting new benchmarks and as one of India’s leading digital payment solution providers, Lyra is privileged to be a part of this greater revolution.
In a world where accepting online payments is becoming a necessary requisite, managing online transactions on a daily basis can be quite a headache for businesses irrespective of their type, Lyra stands with the vision to offer frictionless, secure, and easy-to-handle payment acceptance solutions for banks, Fintech companies, and merchants. Every business is unique in its customer base and requirements. Keeping this in mind, Lyra is keen on offering tailor-made solutions that integrate seamlessly with business infrastructure, enable frictionless management functions, and offer secured and seamless digital transactions.
2. What are the points of differentiation in these products from those of your competitors?
Lyra differentiates itself as a robust and stand-alone payment service provider owning the entire ecosystem with no third-party dependency that results in fewer hops and ensures efficient, secure, and frictionless transactions. Lyra’s achievements include introducing secure connections with intelligent platforms for Point Of Sales (POS) terminals with 2G/3G/4G/PSTN (and now WiFi) technology under the fintech industry banner for the first time in India. The backend infrastructure is Lyra’s key strength and the data centers at Mumbai and Bangalore are our backbones. Our technology, ideas, and innovations are our greatest allies.
The pandemic highlighted the need for a scalable ecosystem. But the field experts at Lyra had already foreseen this challenge. Focused on the 4 pillars of a scalable solution, i.e. availability, accuracy, capacity, and latency, Lyra has done a lot of investment in terms of scaling up the infrastructure. Lyra Network India has two full-fledged robust active-active data centers at Mumbai and Bangalore capable of handling a disaster recovery situation at any time.
Apart from debit, credit, prepaid, e-purse, ATM, and POS cards, Lyra Network India has introduced a secure payment gateway platform to help customers with online transactions. This payment platform is 3D secure and is in compliance with PCI DSS certification offering a highly secured environment for payment processing.
3. What’s Lyra’s market share in the secured payment transactions routing space?
Lyra currently enjoys a major market share because of its risk management tools and has a stronghold over both mobile and electronic payments. Since the company’s establishment in India, Lyra Network has accompanied leading Indian banks as a crusader in driving digital payments in India. With more than 20,000 merchants onboard, Lyra processes 10 million transactions per day. Lyra also holds a major share in the POS device market with over 14,00,000 POS devices pan India.
4. Tell us about the technologies that you employ in your products?
At Lyra, we believe that creating a successful fintech payment system is more than just offering a seamless mode of accepting online payments. With the vision to build and offer relevant, reliable, and secure solutions to facilitate online payments, Lyra has developed multiple mainstream as well as added services and solutions catering to various business needs.
Lyra offers several payment services with advanced solutions to the banks, facilitators, and e-commerce platforms alike. Lyra is actively working in the sectors like Payment Gateway Services, Banking Solutions, White Label Solutions. Lyra also offers highly secure payment acceptance solutions like Lyra EPOS, SIM Solution, POS Routing Solution, Payment Switch, WhatsApp Payment Solution and many more add-on innovative services in the payment processing field and paytech solutions for banks and fintechs.
Lyra’s cutting-edge technology reduces transaction time and enables cost saving for its users, ensuring complete data security to acquirers and acts as a single gateway to handle multiple connections and multiple protocols.
5. What are the key security protocols that you follow?
Lyra is in compliance with PCI DSS V3.2.1 and offers 3DS2 payments. One more unique offering by Lyra is Lyra MPI, our most robust 3-D secure plugin. Lyra processes 3DS2.2 transactions and eliminates the pain point of redirecting enabling a much smoother and integrated user experience; Lyra ensures customer data protection and offers fraud and risk management modules for complete data security. Lyra renders a great deal to payment security and takes pride to differentiate itself as a stand-alone, efficient, and secure payment service provider.
6. What are the current challenges in terms of cashless, contactless and frictionless transactions, and How Lyra is dealing with them?
Though set on a fast track to become a cashless economy, India is still facing some challenges. In addition to being a cash dominated economy, challenges like lack of digital infrastructure, poor internet connectivity, financial and digital illiteracy, cyber security, etc. can thwart India’s journey towards a cashless economy. On top of these challenges, a large population still resides in rural/remote India where there is a dearth of basic banking facilities.
Lyra supports the government’s vision of Digital India. On top of offering secure digital payment solutions, Lyra has also deployed Last Mile Connectivity Solution for rural India. This solution is successfully working in Tier 2 cities and beyond solving the problem of interrupted transactions in rural India because of network problems.
7. Where’s the digital economy heading and how is Lyra prepared for it? Give our readers some idea on some of the key innovations Lyra is working on?
While years 2020-21 saw adoption and disruption in the digital economy, the year 2022 definitely will be brimming with new innovations and transformations. While COVID posed the biggest challenge for the fintech industry, it also provided opportunities to transform the Indian digital payment space further. Future trends for the digital economy will be based on technology, customer demands, and regulatory drivers. Being one of the leading payment solutions in India, Lyra will continue to play a leading role in achieving India’s dream of becoming a 5 trillion economy and a no cash society. Lyra envisions expanding its presence by providing multiple offerings in the dynamic payment domain. With plans to collaborate with banks, merchants, fintechs, and the government as an active connectivity partner, Lyra is developing innovative paytech solutions. In addition to planning to expand the customer base, Lyra is also planning to expand and strengthen the Lyra family by hiring field experts with specialized skill sets.