PhonePe Introduces PG Bolt for Enhanced Security on Visa and Mastercard Payments

PhonePe Payment Gateway said on January 10 that it has introduced 'PhonePe PG Bolt' for Visa and Mastercard credit and debit card transactions. According to a statement from the firm, the technique makes use of device tokenisation to give PhonePe platform users and merchant partners a safe and effective in-app checkout experience.

The introduction of the PhonePe PG Bolt function for Visa and Mastercard is a major step in the company's mission to make digital payments easier for millions of Indians, according to Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe. He went on to say that PhonePe will help consumers and merchants switch from the old, laborious checkout procedure to a safe, one-click payment experience by utilising device tokenisation. By achieving industry-best success rates and lower drop-off rates, this not only improves customer comfort but also enables its merchant partners to optimise their growth.

Loaded Features of PhonePe PG Bolt

Instead of tokenising their Mastercard and Visa cards separately with each merchant, users may now use their saved cards across any merchant associated with PhonePe PG thanks to the new feature, which allows users to tokenise their cards once on the PhonePe app.

According to the statement, the technology eliminates the need for CVV entry during subsequent transactions made on the same device by substituting secure tokens for sensitive card information. By keeping the user inside the merchant's app environment throughout the process and doing away with conventional redirects to external pages, this architecture shortens the number of steps in the payment trip.

How it will Benefit the Users?

The business claims that retailers may achieve much faster checkout speeds and higher transaction success rates by leveraging PhonePe's native SDK. The reduction of technological hand-offs between payment organisations and the removal of human card entry are the main drivers of this efficiency.

The solution also offers merchants a customisable interface that seamlessly integrates into their current app flow, lowering transaction drop-offs and preserving brand consistency. PhonePe Limited, formerly known as PhonePe Private Limited, is a technology business that develops digital platforms for marketplace solutions, financial services, digital distribution services, and payments.