Fintech Firm Lyra launches 'Payment SWITCH' to Promote Cash-Lite Economy Indian Biz Ecosystem

• AI-backed software system that handles both online & offline transactions


• A product that will promote cash-lite economy in the Indian business ecosystem

Fintech giant Lyra Network India has introduced ‘Payment SWITCH’, a solution to facilitate real-time payment processing. The one-of-its-kind technology launched by Lyra Network, which is hailed as the leader in payment processing domain by market observers works on AI-backed software system that assists in communication between various providers and performs payment & settlement process smoothly for both online & offline transactions. 

Lyra Payment SWITCH is a rule-based authorization and switching solution which dynamically routes payment transactions between multiple acquirers and Payment Service Providers in the most efficient way possible. The technology is compliant with RBI’s regulation on storage of sensitive card information.

A market leader in the digital payment domain, Lyra Network offers several payment services with advanced solutions to the large financial organizations, banks, facilitators and e-commerce platforms alike. The company has committed itself to the vision of “Cash-Lite Economy” set by the Reserve Bank of India with respect to digital payments in the Indian business ecosystem.

[caption id="attachment_140925" align="aligncenter" width="720"] Rajesh Desai, CEO & Director, Lyra Network India[/caption]

Feeling optimistic on the launch of Lyra Payment SWITCH, Mr. Rajesh Desai, CEO & Director, Lyra Network India, said, "Digital payments are no longer limited to credit and debit cards. In view of the expanding horizons of digital payments, we launched Payment SWTICH to ensure that payment transactions between different payment providers would be quick and easy. The platform will be immensely useful for large transactional organizations like banks and help flagship schemes like Digital India."

Notably, India has reached from very little to 800 million digital transactions per month in three years after demonetization. A KPMG report released this year revealed India's growing love for fintech stating that digital payments are growing in India at 12.7% compound annual growth rate.

“SWITCH is developed keeping India’s transition to a cashless economy in mind. Lyra's Payment SWITCH provides a quick and uninterrupted flow of transactions. It will also resolve the security & connectivity issues in the digital payment ecosystem and will prove as a useful tool for Digital India & expansion of digital transactions in Rural India” added Mr. Desai.

Lyra’s Payment SWITCH is PCI-DSS 3.2 compliant and certified with card schemes like VISA, MASTERCARD and NPCI. Among other highlights, Lyra Payment SWITCH offers BIN sponsorship, in-house hosting, modular architecture, platform to connect to PSTN, Applications, 3G, 4G, and IP devices, and much more.

About Lyra

Started in 2007, in Mumbai, India, Lyra secures e-commerce and proximity payments and develops value-added services for daily transaction and equipment management. Working in sectors like payment gateway, sim solutions, merchant plug-in, payment switch, Lyra offers advanced services and solutions to the banks, facilitators and e-commerce platforms. With an SSL certificate for the website and PCI-DSS V.3.2.1, Lyra is well-equipped to deliver high-level security in payment processing.

The Lyra Group, India in a few figures: 

• Over 10 billion payments secured and transmitted


• Over 1,20,000 e-merchants


• Over 14,00,000 POS devices


• Processing 16 million connections per day

To Empower India's 'Digital Village' French Payment Firm Lyra Network Introduces NAC-GPRS SIM Solution for Last Mile Connectivity

In a bid to support Government of India’s ambitious digital village program and to end connectivity woes of the rural areas, Lyra Network India, country’s leader in online and offline payment solutions as well as known for secure transaction routing services globally, introduces unique NAC-GPRS SIM solution for uninterrupted & secure transaction.

The landmark initiative is set to boost digital transactions, especially in the rural sector where the connectivity has always been an issue. Lyra’s Network Access Control (NAC) is a highly secure and powerful server that provides a secure, quick and updated channel for digital transactions, it receives and transfers any transaction flow securely from any kind of POS terminal and connects it to any type of network (PSTN/GPRS/ADSL) with any existing transaction protocol and without any glitch in between.

Micro ATMs (handheld devices with capabilities of a regular ATM) have also been provided to eliminate the network issues in remote parts of the country. The solution has been astonishing business with its promising performance and is helping the nation inch closer towards its goal of ‘digital villages’.

“Lyra’s last mile solution enables a real-time connection to the handheld devices. The solution has been transformational, especially for areas that do not enjoy good network coverage due to lack of infrastructure. Lyra is proud to have delivered on the promise of providing the rural areas with the secured technology for successful payments” said Mr. Rajesh Desai, Director & CEO, Lyra Network India.

Lyra’s solution not only ensures a seamless payment platform doing away with the possibility of failed transactions, the solution also ups the ante with its assurance of a secure transaction. In times of great vulnerability where fraudulent activities are on a skew, Lyra enhances security of transactions using the dual authentication solution to keep the sensitive information protected.

“We conduct necessary frequent audits for testing and maintaining security standards of our platform,” added Mr. Desai.

Lyra solutions also achieved a remarkable feat of 100 Lakh transactions a day with more than 10 Lakh POS terminals. Providing an easy to execute platform and offering a rich user experience, Lyra is the first company under Fintech banner to have been working successfully in India for more than 10 years.

“Lyra’s unique last mile connectivity solution is being used by several business correspondents to provide banking services using mobile handheld devices in the villages or rural sector at a pan India level. A total 10 million connections are being processed per day. Lyra’s contribution to digital villages in the e-payments domain has been quite expansive and extensive,” said Mr. Desai.

Started in 2007, Lyra Network India provides secured transaction routing services and e-payment gateway. The company offers its SIM solution services through multi-brand POS terminals offering GPRS, IP, PSTN and 2G / 3G / 4G networks. Lyra Network provides innovative payment management tools and a highly secure environment to deliver payments. Lyra Network manages the transaction flow of over 3 million POS terminals and 55,000 online shops. Lyra provides services to major banks, financial institutions, airlines, insurance companies and governments. Lyra network is globally known and operates in 4 continents.