Lyra Payment Option for WhatsApp

Photo credits: Lyra

The Toulouse-based FinTech focusing on securing e-commerce transactionslaunches a new feature enabling users to make payments via WhatsApp

Goals: Let WhatsApp users pay for purchases from their mobile phone.
Targets: Merchants and SMEs relying on WhatsApp as a communication channel to interact with their customers.
This new feature lets them cash payments remotely or face-to-face. Their customers can then make down payments, pay their security deposit, remaining balances, or make other, more typical payments.
How it works
- The merchant sends a request for creating a payment order. he specifies the currency, amount and customer’s phone number, or Lyra WhatsApp number
- The customer receives a message embedding a payment link
- He is directed to a checkout page where he provides his banking information and validates his purchase
- If he doesn’t use WhatsApp, Lyra sends a payment link to the merchant so it can be forwarded through other channels (Messenger, or other platforms).

Lyra Key Figures

11Bn processed each year

Revenue: €60M

55,000 e-merchant customers in France

10 subsidiaries in other countries

Meet expectations. Lyra claims they want to address increasing expectations from businesses when it comes to relying on messaging platforms for establishing links with their customers. They aim at expanding their range of solutions, and crafting more options likely to meet their customers’ needs (such as this WhatsApp-based payment feature).
Outstanding opportunity. WhatsApp has over 1Bn daily users, and can no longer be avoided. Lyra intends to exploit opportunities entailed by this channel for payments.
Relevant options for both merchants and customers. Customers may securely carry out payments via their messaging app. And merchants are provided with more flexibility as they may cash payments even without a mPOS device.

As Lyra makes further progress, they also reach out for international expansion. They already opened several subsidiaries especially in South America and India. In these countries more than 20% of all payments are mobile-based. The French start-up tries to bet on this trend to build innovative payment solutions.

Category : Alertes quotidiennes