New Delhi, Jan 10 (IANS) PhonePe payment gateway (PhonePe PG) on Saturday announced the launch of ‘PhonePe PG Bolt’ for Visa and MasterCard credit and debit card transactions.
The solution provides a secure and efficient in-app checkout experience for PhonePe platform users and merchant partners using device tokenization.
This feature allows users to tokenize their MasterCard and Visa cards once on the PhonePe app, allowing them to use their saved cards at any merchant integrated with PhonePe PG, instead of tokenizing their cards separately with each merchant.
By replacing sensitive card details with a secure token, the system eliminates the need for CVV entry during subsequent transactions conducted on the same device. This architecture reduces the number of steps in the payment process, keeps the user in the merchant’s app environment throughout the process, and eliminates traditional redirects to external pages.
Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe Limited, said, “The launch of PhonePe PG Bolt feature for Visa and Mastercard is an important step in our journey to make digital payments easier for millions of Indians. By leveraging device tokenization, we will help users and merchants move away from the traditional, cumbersome checkout process to a secure, one-click payment experience.”
Shekhawat further added, “This not only enhances user convenience but also empowers our merchant partners to maximize their growth through the best success rates and low drop-offs in the industry.”
Using PhonePe’s native SDK, merchants can achieve higher transaction success rates and significantly faster checkout speeds. This efficiency comes from eliminating manual card entry and reducing technical hand-offs between payment entities.
Additionally, the solution provides merchants with a customizable interface that integrates directly into their existing app flows, helping maintain brand consistency and reduce transaction drop-offs.
–IANS
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