Lyra Network has enabled Unified Payments Interface (UPI) transactions in the French market, starting with online bookings for the Eiffel Tower. The France Consulate marks this occasion with the first-ever UPI transaction at Lyra’s Mumbai office for online buying of Eiffel Tower tickets, a statement from Lyra Network notified.
The inaugural UPI transaction at Lyra’s Mumbai office by the France Consulate General Jean-Marc Séré-Charlet promotes digital payments and enhances economic collaboration between India and France. It underscores growing acceptance of UPI as a reliable cross-border digital payment solution, the statement said.
Rajesh Desai, CEO and MD, Lyra Network, said in the statement, “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 inter-connected financial ecosystem with transparent, real-time currency exchange rates. In 2024, Lyra Network aims to enter the global UPI arena, emphasising POS and switch solutions, and collaborating with fintech, banks, government projects and merchants, while expanding our customer base.”
In 2023, UPI accounted for 40 per cent of global real-time payments. Year-on-Year (YoY), UPI witnessed a 59.2 per cent growth in volume to Rs 9.33 billion and a 45.5 per cent increase in value to Rs 14,75,464 crore by June. As of 31st January, 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 31st January, up from 1202.023 crore in December.
Mannoj Varma, Head – Payments, Lyra Network, further stated in the statement, “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 inter-connected 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.”
