Posted by Mumbai: Lyra Network, an e-commerce and POS payments provider has expanded India’s UPI in the French market by enabling UPI transactions in France, starting with online bookings for the iconic Eiffel Tower.
France Consulate General Jean-Marc Séré-Charlet made the first cross-border UPI transaction at Lyra’s Mumbai office for online buying of Eiffel Tower tickets. It marked a key partnership between India and France, promoting digital payments and economic collaborations between the two countries.
This milestone underscores Lyra’s commitment to global payment innovation and the growing acceptance of UPI as a reliable cross-border digital payment solution.
“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,” said Rajesh Desai, CEO and MD of Lyra Network.
“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,” added Desai.
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 its 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 Rs 1202.023 crore in December.
“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 of Payments, Lyra Network.