Lyra gets payment aggregator license from RBI

9 Sep 2022 , 01:50 PM

Reserve Bank of India (RBI) granted a Payment Aggregator licence to Lyra Network Private Limited, a fintech and paytech solutions platform.

According to Rajesh Desai, co-founder, CEO, and MD of Lyra Network India, the Indian fintech industry is constantly evolving with new trends and technologies. Recognized as the fastest and safest online payment solution provider, Lyra intends to help India transition from a less cash-dependent economy to a cashless one 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 PAs as organizations that enable e-commerce sites and merchants to accept different payment instruments from consumers in order to fulfill their payment responsibilities without the 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 to 16 months. Though Lyra is already helpful in achieving financial inclusion of the unbanked rural population with the Last mile solution, we are planning to enhance the solution with the goal of a twofold increase in the processed connections from the current 10 million connections.” Currently, Lyra’s innovative solutions are utilized by the full spectrum of sectors like banks, e-merchants, financial institutions, railways, and transport.

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