Lyra Network, a leader in eCommerce and POS payment security, has introduced UPI (Unified Payments Interface) Digital Innovation to the French market. This marks a significant milestone, as Lyra Network facilitates UPI transactions in France, starting with online bookings for the Eiffel Tower.
The French Consulate commemorates this achievement with the inaugural UPI transaction at Lyra’s Mumbai office for purchasing Eiffel Tower tickets online.
During Lyra India’s 16th anniversary, the France Consulate General, Mr. Jean-Marc Séré-Charlet, made the first UPI transaction at Lyra’s Mumbai office, marking a strong partnership that promotes digital payments and strengthening economic collaboration between India and France.
The Consulate’s involvement reflects confidence in Lyra Network’s capabilities and the UPI system. This milestone emphasizes Lyra’s dedication to global payment innovation and the increasing recognition of UPI as a dependable 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 comprised 40% of global real-time payments. Year-on-year, UPI experienced a 59.2% growth in volume, reaching Rs 9.33 billion, and a 45.5% increase in value, amounting to Rs 14,75,464 crore by June. According to the National Payment Corporation of India (NPCI), as of January 31, 2024, the value of UPI transactions surged to Rs 18.41 lakh crore. 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 integration of UPI in France marks a transformative milestone, revolutionizing payment methods for businesses and individuals. It accelerates the adoption of UPI among French merchants, ensuring secure, interoperable cross-border transactions. This innovative move underscores Lyra’s commitment to cutting-edge solutions, enhancing the global payment landscape for diverse users.