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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 utilizes device tokenization to provide a secure and efficient in-app checkout experience for PhonePe platform users and merchant partners.
According to the company, this feature allows users to tokenize their Mastercard and Visa cards once on the PhonePe app, enabling them to use their saved cards across any merchant integrated with PhonePe PG instead of having to tokenize their card separately with every merchant. By replacing sensitive card details with secure tokens, the system removes the requirement for CVV entry during subsequent transactions carried out on the same device. This architecture reduces the number of steps in the payment journey, maintaining the user within the merchant's app environment throughout the process and eliminating traditional redirects to external pages. Speaking about the launch, Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe Limited said, "The launch of PhonePe PG Bolt feature for Visa and Mastercard is a significant step in our journey to simplify digital payments for millions of Indians. 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." According to the company, by utilizing PhonePe's native SDK, merchants can achieve higher transaction success rates and significantly faster checkout speeds. 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. PhonePe Limited (Formerly PhonePe Private Limited) is a technology company that builds digital platforms for Payments, Digital Distribution Services, Financial Services and Marketplace Solutions. (ANI)
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