Pushing Digital Payments: PhonePe PG Introduces ‘Bolt’ for Visa and Mastercard Cards; enables one-click in-app checkout – The Times of India

PhonePe Payment Gateway on Saturday launched ‘PhonePe PG Bolt’ for Visa and Mastercard credit and debit card transactions, aiming to provide users and merchants with a faster and more secure in-app checkout experience, PTI reported.The solution uses device tokenization to enable secure in-app payments for users on the PhonePe platform and 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 deploying device tokenization, we enable users and merchants to move away from the traditional, cumbersome checkout process to a secure, one-click payment experience. This not only increases user convenience, but also enables our trading partners to maximize their growth through industry-best conversion rates and reduced downtime,” he said.The new feature allows users to tokenize their Visa and Mastercard cards once in the PhonePe app and then use the saved cards across all merchants integrated with PhonePe PG, eliminating the need to tokenize cards for each merchant individually.By replacing sensitive card data with secure tokens, the system eliminates the requirement for CVV entry for repeated 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 redirects to external pages.The company says merchants using PhonePe’s proprietary SDK can enjoy higher transaction success rates and faster checkout speeds, thanks to the elimination of manual card entry and fewer technical transfers between payment entities.“These efficiencies are driven by the elimination of manual card entry and the reduction of technical transfers between payment entities. Additionally, the solution provides merchants with a customizable interface that integrates directly into their existing app flow, maintaining brand consistency and reducing the number of transactions,” the statement said.