While being digital, every modern business needs as many digital POS as possible to receive payments from all its worldwide customers anytime and anywhere. Although creating those touch-points and making all the infrastructure underneath them secure, seamless, and simple means a herculean task, that can only be achieved if partnered with Rajesh Desai’s Lyra India, the most trusted partner for all online payment requisites, as is being realized by thousands of businesses globally.
Lyra’s Co-founder, CEO, and MD, Rajesh, insists that they are always at the forefront to provide you with the best offer. “We provide solutions to help you foster your local and international business successfully,” he adds.
Lyra India has been established as a leader in securing e-commerce and POS payments, standing amongst the most preferred partners for financial establishments since 2007.
Lyra’s vision is to build and offer relevant, dependable, and secure solutions to facilitate digital payments. Lyra takes pride in stating that the venture was the very first under the Fintech industry banner in India to introduce secure connections with an intelligent platform for Point of Sales (POS) terminals with 2G/3G/4G and PSTN technology which proved to be a major disruptor in the use of POS in India.
Lyra offers highly secure payment acceptance solutions like Lyra EPOS, WhatsApp Payment Solution, SIM Solution, POS routing solution, Payment switch, Soundbox solution, Payment Gateway and many more. With an established secure platform, Lyra complies with PCI DSS and TLS. All the solutions offered by Lyra are meticulously tested, proven, and used globally, making Lyra a well-acknowledged digital payment solution provider. Lyra differentiates itself as a robust and stand-alone payment service provider owning the entire ecosystem with no third-party dependency, resulting in fewer hops and ensuring efficient, secure, and frictionless transactions.
Invincibly the Secure Most Solutions
In a world where accepting digital payments is becoming a necessary requisite, managing digital transactions daily can be quite a headache for businesses, irrespective of their type. Every business is unique in its customer base and requirements. But, creating a successful fintech payment processing system is more than just offering a seamless mode of accepting digital payments. Rajesh says, “We want our solutions to be compatible with merchant requirements and scalable for every merchant setup in the most efficient way.” With the vision to build and offer relevant, reliable and secure solutions to facilitate digital payments, Lyra has developed multiple mainstreams as well as added services and solutions catering to various business needs.
Lyra offers several payment services with advanced solutions to banks, facilitators, and e-commerce platforms alike. Lyra is actively working in the sectors like Payment Gateway Services, Banking Solutions, and White Label Solutions. Lyra also offers highly secure payment acceptance solutions like Lyra SoundBox, 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 savings for its users, ensuring complete data security to acquirers and acting as a single gateway to handle multiple connections and protocols.
Lyra is focused on secure transaction routing services through multi-brand POS terminals. Lyra offers multi-operator SIM cards optimized for POS terminals as per business requirements. With a private and end-to-end secure APN, Lyra’s gateway facilitates complete management of the POS fleet. Adding to its benefits, the Point of Sales SIM Solution offers merchants excellent security and uninterrupted connectivity for every transaction. This solution is specially developed to provide connectivity with various network connections, namely, GPRS, PSTN, IP, Secured SWITCH software, 3G and 4G, LAN, and Wi-Fi. Lyra’s Payment Switch saves merchants from connectivity and security issues by dynamically routing payment transactions between the acquirer and payment service provider, revamping the transaction success rate.
Incredibly the Most Advanced Technology
One of the key strengths of Lyra is NAC, a highly secure and powerful server that provides seamless communication to the merchants’ banks without any glitches. With the exclusive EFT/POS transaction gateway owned by Lyra, it is possible to receive and transfer any transaction flow securely from any POS terminal and connect it to any network (PSTN/GPRS/ADSL) with any existing transaction protocol.
Lyra also developed LUMA or Lyra Update Manager, a responsive application combined with the web portal that enables supervision and operation of the merchant’s entire fleet of POS terminals in real-time. Along with LUMA, Lyra’s OptiNet also helps payment terminals with network optimization by switching (automatically or manually) to the most efficient mobile network, depending on the terminal’s location. OptiNet sends data to the gateway in real-time to quickly visualize and diagnose the status of available mobile networks.
The current market requires a technology that will act as a middleware between POS and card network enabling any 3rd party POS Systems with a broad range of direct payment processing interfaces and, at the same time, will offer seamless integration and maintain compliance scope. Lyra implemented this idea through the recently launched Lyra’s End-to-end POS Solution. End-to-end being the keyword, once the transaction is initiated, Lyra will take forward the transaction process securely and smoothly without any glitches or any third-party involvement making it more secure.
Lyra India is also part of many turnkey projects like rural POS connectivity for India Posts, secure connectivity to process financial transactions for metro rail, POS connectivity for major banks, connectivity for bank branches, etc.
Incidentally, The Most Transformational Leadership
Rajesh made a life-transforming decision when he started his journey with Lyra Network. After working for many years in various countries and getting exposed to multiple markets, cultures, and traditions, Rajesh returned to his native country to make Lyra Network successful in India. Associated with Lyra Network from Day One since August 2007, over the years and many obstacles later, his great supervision and unmatched persistence to reach goals helped Lyra pick a pace to grow in India. With 27+ years of experience and field expertise, he is a result-driven and value-oriented leader specializing in developing marketing strategies, product marketing, alliance marketing, marketing communications, and demand generation.
He comes from a techno-functional background and has a proven record of building, nurturing, and leading high-performance goals, improving service standards, contributing to cost optimization, and bringing innovation with an extreme passion for registering inorganic growth and profit. India always welcomes new technologies with an open mind.
The same applies to digital payments. With more people opting for digital options, penetration of mobile devices, and increased usage of various digital payment solutions like debit, credit, prepaid, e-purse, ATM, and POS cards, it felt that why not try to offer a better and safer environment to boost the digital advancement. Keeping this in mind and considering the evident signs that India will go under massive digital transformations, he entered fintech via the Lyra Network field with Lyra SIM Solutions, a crucial part of Lyra’s POS solutions offerings. And the rest is history!
Innovatively The Widest Network
Many small offices, banks, micro ATMs, AEPS POS machines, payment POS machines, ultra-small bank branches, and ATMs rely on Lyra for last-mile connectivity solutions. Using mobile POS machines, many banking business correspondents are using Lyra Connect to deliver banking and financial services in rural areas.
Today, Lyra has enabled 16,00,000 POS on its platform. With the successful accomplishment of many significant projects like rural POS connectivity for India Posts, secure connectivity to process financial transactions for metro rail, POS connectivity for major banks, and connectivity for bank branches, Lyra is Processing 16 million connections per day, Lyra manages over 1,20,000 e-merchants and over 14,00,000 POS terminals.
According to Rajesh, India’s Fintech sector has undergone a paradigm shift in the past two decades, and for the last few years, it has been on an upward growth trajectory. The role of technology has grown from being a mere cog in the strategic framework of companies to driving, shaping, and redefining business models and revenue streams. FinTech innovations have been at the forefront of tech disruptions in recent years. Technology drivers like biometric authentication, cryptocurrency, virtual and augmented reality, AI, ML, voice processing, etc. These drivers are certain to take the digital payment space to new heights. These technologies are not only taking part in digital payment acceptance but also in front and back-end development of payment solutions.
The rise of digital commerce, innovation in payments technology using artificial intelligence (AI), Blockchain, Internet of Things (IoT), and real-time payments, and the introduction of mobile Point of Sale (POS) devices and QR has led to a reduction in the cost of acceptance infrastructure and also contributed to its growth.
Intelligently the Smartest Revolutionary
Artificial Intelligence(AI) is making tremendous progress in the payment processing industry, and payment service providers are launching and researching the products/ services that will change customer service to more on a personal level. Technologies like IOT and big data are playing a big role in this. These technologies can single-handedly change the whole payment scenario and financial services.
Lyra is also evolving with time. “We want to offer our customers more innovative and end-to-end solutions and services,” says Rajesh. With India’s digital payments expanding beyond boundaries, Lyra plans to introduce more seamless and secure payment acceptance solutions. As one of India’s leading payment solutions, Lyra will continue to play a leading role in achieving India’s dream of becoming a five trillion economy and no-cash society.
Rajesh believes that where there is innovation, there are challenges. The main challenge is awareness of digital payments. People are aware of them, but their knowledge is limited. The most threatening and fearsome challenge is fraud and chargeback. “As a payment service provider, we ensure that our clients know the procedure and common causes of fraud.”
The Strongest Infrastructural Foundation
The next challenge comes in the form of integration. India is a land of entrepreneurs; nowadays, many businesses promote their business on their websites. For businesses to accept digital payments via their websites, it is necessary to have a payment gateway integrated. But not all business owners have knowledge about the integration. Lyra always makes sure that the client gets the basic information about integrating. In conclusion, a lack of knowledge may lead to all kinds of problems and challenges, but with proper guidance, digital payments are as easy and secure as they come.
The challenges under the guise of technology are always imminent for any fintech. It is extremely necessary for a payment solution provider to keep pace with changing innovations. Lyra faced the formidable challenge of sourcing the right field experts at the right time for the right designations. But Lyra overcame this challenge slowly but surely, and today what once was a one-person army with shared cornered office stands with multiple office spaces and a large family of field expert individuals!
Another challenge was to keep pace with ever-changing customer requirements and offer a flexible solution that can withstand the trials of time! It was challenging to provide dynamic solutions with the highest possible support. Still, Lyra invested a great amount of time and effort to strengthen its infrastructure, and as a result, today, with its two full-fledged robust active-active data centres at Mumbai and Bangalore, capable of handling a disaster recovery situation at any time.
The Most Optimistic Advice
In his advice to budding professionals who aspire to venture into the POS industry, Rajesh says that while it’s true that young professionals may face unique challenges, they also come with many rewarding opportunities for personal and professional development. With ongoing innovations and new technologies, India has a thriving POS market. You must believe in what you do with passion and, most of all, make sure you enjoy this journey and have some fun along the way. Perseverance and intelligence are your allies; use them to your advantage and keep working toward your goals. And while it’s valuable to stay focused on your goals, you have to remain open to unforeseen opportunities.
On envisioning scaling Lyra India’s operations and offerings in the future, Rajesh reveals that, being one of the leading payment solutions in India, Lyra envisions expanding its presence by providing multiple offerings in the dynamic payment domain.
A Financially All Inclusive Future
With plans to collaborate with banks, merchants, FinTech, and the government as an active connectivity partner, Lyra is developing innovative paytech solutions. “We expect to see the expansion of not only offerings in terms of resources, customer base, and partners, but Lyra is also looking forward to expanding the Lyra family by incorporating field experts from various backgrounds.”
With new solutions and innovations, Lyra will do its best to maintain perseverance with the strategies that have helped the company grow.
Lyra enjoys a major POS market share due to risk management tools and a strong hold over 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.
Lyra Network also bagged the contract to equip Indian postmen with point of sale (PoS) machines that will help pay for a parcel with plastic money cards. “We are also very proud of our Last mile connectivity project,” he adds. The project is made to solve transaction processing problems in rural India. For this solution, Lyra has been awarded the Most Promising Financial Inclusion Program at Global Fintech Awards 2022.
Lyra has bagged numerous awards for its innovative solutions and is recognized as one of the most preferred partners for financial establishments.