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French Lyra Looks To Expand India Business By 50 Per Cent This Year

France-based payments solution provider Lyra Network India expects a growth of 50 per cent this financial year on the back of increased adoption in digital payments and plans to double its investment in the country.

Lyra grew 30 per cent last year and clocked in revenues of ₹450 crore. It has also planned a ₹40 crore investment for 2019-20 fiscal, doubling the investment it has made in India this year.

The company offers payments services to e-commerce, connected objects, e-invoicing and counts banks, financial institutions, airlines, insurance companies and governments as its clients in India. “Our solutions are being used by more than 25 banks in the country and some large e-commerce merchants,” said Rajesh Desai, CEO and Director, Lyra Network India.

Compliance to data privacy, the fusion between fintech and banks, cross border payments and increased use of digital money are some of the trends that will drive the company's growth in India, he said.

One of the examples is the work that Lyra Network India is doing with India Post.

Lyra has finished 10 billion payments till date and over 2.5 million POS terminals. “We run more than 6-7 lakh terminals on the ground in India,” Desai said and added that Lyra will soon bring its unique technology for IP terminals.

Source: The Hindu Business Line

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