Tag UPI

Bangalore, April 2024: Jar offers a streamlined investment journey that takes minimal time and customers can start saving money in small amounts, which gets invested in 24K, 99.9% pure gold. With Jar, users can save effortlessly and convert it to cash or receive physical gold at their convenience. Jar’s revolutionary round-off method effortlessly accumulates spare change from every transaction and invests it in gold so users can save that extra bit every month.

The company’s remarkable growth has not gone unnoticed. Jar won in the Best WealthTech Startup category at the Global Fintech Awards 2023 and was even mentioned as being one of the top UPI auto-pay players in the country. Jar was also recognized by LinkedIn as one of India’s Top Startups of 2023.

In the last 3 years, Jar has truly made leaps and bounds in the digital gold space, having started with a simple thought. Traditionally, there have always been high entry barriers in savings and investing: a high ticket size to start investing, time to understand and get started, and the complexity of the financial products.

From humble beginnings in Hassan, Karnataka, and Bihar Sharif, Bihar respectively, both Nishchay Ag and Misbah Ashraf had seen first-hand how middle India both earns and spends on a daily basis. They knew there was a gap in the market for a financial product that could help millions of people save better and get them started on their financial fitness journey.

That’s how Jar was born and, through Jar, these barriers of entry have been reduced significantly by leveraging the two most widely adopted financial tools in India – UPI and gold. Gold remains a popular investment in India, with over half the population (53%) choosing it. Now, a growing number of young investors are turning towards digital gold.

After getting a foothold in the gold space, Jar now plans to expand its offerings to include Lending, Investments, and more to meet the needs of its ever-growing user base.

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.