The Reserve Bank of India (RBI) has granted a payments aggregator license to Lyra Network Private Limited, a fintech and paytech solutions platform.
According to Rajesh Desai, Co-Founder, CEO and Managing Director of Lyra Network India, the Indian fintech industry is constantly evolving with new trends and technologies. Recognized as the fastest and most secure online payment solution provider, Lyra intends to help India transition from a less cash dependent to a cashless economy by providing solutions that will increase the penetration of digital payments across the country.
The RBI released the Regulations for Payment Aggregators in 2020. These regulations define APs as organizations that enable e-commerce sites and merchants to accept different payment instruments from consumers in order to fulfill their responsibilities of payment without merchants having to develop their own unique payment integration. system.
According to Mr. Manoj Varma, Head of Payments at Lyra, “Our plan is to onboard 1 lakh+ merchants in the next 12-16 months. Although Lyra is already useful in achieving financial inclusion for the rural unbanked with the Last mile solution, we plan to improve the solution with the objective of doubling the connections processed compared to the current 10 million connections.” Currently, Lyra’s innovative solutions are used by all sectors such as banks, e-merchants, financial institutions, railways and transport.
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