Mumbai, India (Feb 5, 2024) – Lyra Network, an established leader in securing eCommerce and POS payments with deep expertise in fintech and paytech solutions platforms, has propelled Digital Innovation with UPI (Unified Payments Interface) to the French market. Lyra Network achieves a historic milestone by enabling UPI transactions in France, starting with online bookings for the iconic Eiffel Tower. The France Consulate marks this momentous occasion with the first-ever UPI transaction at Lyra’s Mumbai office for online buying of Eiffel Tower tickets.
The inaugural UPI transaction at Lyra’s Mumbai office by the France Consulate General Mr. Jean-Marc Séré-Charlet on Lyra India’s 16th anniversary highlights a robust partnership, promoting digital payments and enhancing economic collaboration between India and France. The Consulate’s participation reinforces trust in Lyra Network’s capabilities and the UPI system. This milestone underscores Lyra’s commitment to global payment innovation and the growing acceptance of UPI as a reliable cross-border digital payment solution.
On the groundbreaking inauguration move, Rajesh Desai, CEO and MD, Lyra Network, said, “Lyra Network is thrilled to launch UPI transactions in the French market, signalling a new era in cross-border financial interactions. UPI’s introduction is a strategic move, fostering economic collaboration between India and France. UPI provides a seamless and secure payment experience, transcending geographical boundaries. As Lyra expands UPI globally, the synergy of technology and finance redefines cross-border transactions, creating an interconnected financial ecosystem with transparent, real-time currency exchange rates. In 2024, Lyra Network aims to enter the global UPI arena, emphasizing POS and Switch solutions and collaborating with fintech, banks, government projects, and merchants while expanding our customer base”.
In 2023, UPI accounted for 40% of global real-time payments. Year-on-year, UPI witnessed a 59.2% growth in volume to Rs 9.33 billion and a 45.5% increase in value to Rs 14,75,464 crore by June. As of January 31, 2024, UPI transactions in value surged to Rs 18.41 lakh crore, as reported by the National Payment Corporation of India (NPCI). In terms of volume, transactions rose to 1,220.301 crore on January 31, up from 1202.023 crore in December.
“I am thrilled about the groundbreaking launch of UPI transactions in France. This move redefines cross-border dynamics, offering businesses and individuals a modern, efficient, and secure payment method. UPI’s significance lies in transcending geographical boundaries, providing a seamless and interconnected financial experience. Introducing UPI in France isn’t just a transactional leap; it’s a technological evolution. The underlying technology ensures a robust and real-time fund exchange, enhancing overall efficiency and transparency in financial interactions. This launch encourages UPI adoption among French merchants and contributes to the broader narrative of global financial integration.” said Manoj Varma, Head – Payments, Lyra Network.
The UPI integration in France is a transformative milestone, revolutionizing payment methods for businesses and individuals. It accelerates UPI adoption among French merchants, ensuring secure, interoperable cross-border transactions. This innovative move showcases Lyra’s commitment to cutting-edge solutions, enhancing the global payment landscape for diverse users.