Lyra
Zero fraud, real-time audit, global reach!
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About
The problem it solves 🛠 The Problem It Solves Today’s payment systems — especially for government disbursements and merchant collections — rely heavily on centralized intermediaries like banks and payment processors. This creates several problems: **Slow settlements**— Funds can take days to reach merchants. **High fees** — Traditional payment gateways charge significant transaction fees. **Limited transparency**— It’s hard to verify how funds are distributed and spent. **Geographic restrictions** — Some citizens or small merchants in rural areas have limited access to banking services. **Fraud & chargebacks** — Centralized systems can be abused through disputes or identity fraud. The **LYRA Payment System** solves these problems by: **Direct on-chain transfers** — Payments go from user to merchant instantly, without middlemen. **Low transaction costs** — Minimal blockchain gas fees instead of high card processor charges. **Government-to-citizen disbursement** — LYRA tokens can be distributed directly to wallets without bank accounts. **Merchant verification** — Only whitelisted merchants can receive payments, reducing fraud risk. **Transparent & auditable** — All transactions are recorded on the Polygon blockchain for full accountability. **Ease of use** — Merchants generate QR codes; users simply scan and pay from their wallet — no bank integration required. In short, LYRA makes digital payments faster, safer, cheaper, and more transparent — while empowering unbanked communities to participate in the digital economy.
How it's made
Challenges we ran into - hackathon time too short - hackathon guidelines not clear - Scaffold-Eth-2 have lots conflict with the Web 3 Auth, causing login error, finally solve