Lyra Network gets RBI nod for payment aggregator licence

Reserve Bank of India

Digital payment solutions platform Lyra Network India has got in-principle approval from the Reserve Bank of India (RBI) for a payment aggregator (PA) licence, the company said on September 9.

Founded in 2007, Lyra provides customised digital payment solutions for businesses and merchants.

"We are incredibly proud to share this news. Lyra acknowledges the responsibility that comes with this approval and will continue to accelerate its activity in India's digital payments growth process. Lyra will always stand committed to its vision to offer frictionless, secure and easy to handle payment acceptance solutions," co-founder, CEO & MD Rajesh Desai said.

The RBI came out with payment aggregator regulation guidelines in 2020. The banking regulator defines payment aggregators as entities that facilitate e-commerce sites and merchants to accept various payment instruments from customers for the completion of their payment obligations without the need for merchants to create a separate payment integration system.

The guidelines also say that payment aggregators must have a net worth of Rs 15 crore by March 2021 and Rs 25 crore by March 2023. They have to maintain a net worth of Rs 25 crore at all times thereafter.

Lyra is a stand-alone paytech service provider owning the entire ecosystem with no third-party dependency, the company said.

Lyra's solutions are used by a gamut of sectors like banks, e-merchants, financial institutions, railways, and transport.

Other players who have received RBI's in-principal approval for the licence include Razorpay, Pine Labs, Innoviti, Stripe, MSwipe, Easebuzz and 1Pay Mobileware.