Digital payments push: PhonePe PG rolls out ‘Bolt’ for Visa, Mastercard cards; enables one-click in-app checkout
The solution uses device tokenisation to enable secure payments within apps for users on the PhonePe platform as well as merchant partners, the company said in a statement.Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe, said the launch of PhonePe PG Bolt for Visa and Mastercard marks an important milestone in the company’s efforts to simplify digital payments.“By leveraging device tokenization, we will enable users and merchants to move away from the traditional, cumbersome checkout process to a secure, one-click payment experience.
This not only enhances user convenience but also empowers our merchant partners to maximize their growth through industry-best success rates and reduced drop-offs,” he said.Under the new feature, users can tokenize their Visa and Mastercard cards once on the PhonePe app and subsequently use the saved cards across all merchants integrated with PhonePe PG, eliminating the need to tokenize cards separately for each merchant.By replacing sensitive card details with secure tokens, the system removes the requirement for CVV entry for repeat transactions on the same device, the statement said.The architecture also streamlines the payment flow by reducing the number of steps involved, keeping users within the merchant’s app throughout the transaction and avoiding redirection to external pages.The company said merchants using PhonePe’s native SDK can benefit from higher transaction success rates and faster checkout speeds, driven by the elimination of manual card entry and fewer technical hand-offs between payment entities.“This efficiency is driven by the elimination of manual card entry and the reduction of technical hand-offs between payment entities.
Additionally, the solution provides merchants with a customizable interface that integrates directly into their existing app flow, helping maintain brand consistency while reducing transaction drop-offs,” the statement said.
