Unlike most blockchain projects, Lyra has a concrete implementation plan with practical applications that have their place in today's market.
Phase 1: Closed loop payment systems, integrated with point of sale software and hardware, without centralized payment processor in the middle.
Phase 2: Crypto payment acceptance at point of sale, without centralized payment processor in the middle.
Phase 3: Additional applications based on the market demand.
Almost all merchants use (or would like to use) some kind of closed loop payment systems in a form of Loyalty Reward Points, Gift Cards, Store Credits, or Discount Promotional Coupons. Lyra offers an alternative to traditional closed loop systems, a solution based on blockchain.
Cryptocurrencies become more and more popular. It’s just a matter of time when they arrive into payment processing mainstream. The merchants and their software providers should be ready.
Lyra will allow crypto payment processing with low fees and instant authorizations and settlements.
How Lyra payments work
Lyra processes crypto payments similar to how PayPal processes payments online with a linked bank account: a customer (buyer) deposits funds to a Lyra account, then these funds can be instantly transferred to another customer (merchant). If cryptocurrency supports instant transactions, then the entire process of deposit and payment can be combined into one instant transaction (similar to PayPal payment with linked credit card).
See all Lyra use cases