Mariette sees the Government and Fintech roles in India’s cashless economy.
Lyra, well established in international markets, is planning to replicate the successful global solutions in India with features in accordance with regulatory requirements in the country, Christophe Mariette, Chairman, India, and Global Commercial Director of the French company, told the Digital Money 2020 conference.
“The government and fintech industries are playing their role heavily to make India a cashless economy and with the same goal in the mind, Lyra has been in the digital space providing transaction routing and payment processing solutions for more than a decade and will continue to do so,” he told the two-day conference held virtually on 1-2 December 2020.
Lyra has already acquired the license for Payments Institution in France and has established itself as a major player in payment for banks and other financial and non-financial institutions, he shared.
Lyra is well established in countries like India, Europe and Latin America.
India is expected to contribute 2.2% to the world’s digital payments market by 2023, he noted.
In March 2020, India had a fintech adoption rate of 87%. With a high level of banking penetration and widespread mobile usage, the Indian fintech space is supposed to contribute to 2.2% of the world’s digital payment market by 2023, said Mariette.
Today, in India, Lyra Network is playing a significant role in enabling financial inclusion, offering technology services in the connectivity space and to a wide range of sectors like e-commerce, education, retail, BFSI, travel, and tourism, etc.
This year marks Lyra’s 13th year providing routing and payment solutions in India. Alongside the introduction of a secure payment processing platform for helping customers with online transactions, Lyra is also developing and providing value-added services for daily transaction and equipment management.
For any digital payment solution provider, infrastructure is of utmost importance. The robustness of Lyra’s high-end infrastructure was proved when demonetization was announced and once again in the lockdown.
Back in 2016, after the announcement of demonetization, all the card networks started failing, but Lyra was up and running fast all the time without collapsing.
In the same way, during the lockdown period, all of Lyra’s services were fully available for people to move funds and keep businesses and the economy going on.
Any and every transaction that enters the infrastructure goes first to Mumbai center and then to Bangalore.
“Both the centers are capable of handling a disaster situation and are activated all the time. So, in any case, if something goes wrong at any of the centers, the other center acts as a backup,” he said. “Backend infrastructure and the data centers at Mumbai and Bangalore is Lyra’s key strength. We want the transactions not only fast but also secure,” said Christophe Mariette. #fintech #technologies #startups #banking #investment /fiinews.com
