PhonePe has launched a new service, PG Bolt, which allows transactions involving the Visa and Mastercard credit and debit cards, and provides a faster and more secure payments. The platform will focus on ensuring that the checkout process of the site is smooth for the users and that merchants will experience fewer drop-offs in transactions and more success in payments.
How PG Bolt Works
PG Bolt relies on the method of device tokenisation to store card data on a secure device of a user. A card that has been tokenised in the PhonePe app can be used at any merchant that is integrated with PhonePe PG. It implies that users do not have to fill in the card details or the CVV with each transaction, it allows them to do a one-click payment experience. The payment information is secured and The payment is secured by sending a token instead of the sensitive card information they have, and the journey of payment journey becomes easier.
User and Merchant Advantages
To the users, the amount of steps required to make a payment is reduced because they do not have to leave the app by the merchant’s other pages. This increases the speed and ease of transactions.
The fact that manual card entry is removed and fewer technical hand-offs are made between payment systems allows merchants to have more successful transactions and also reduces the time spent on checkout. Native PhonePe SDK enables merchants to include PG Bolt directly into their apps, providing a customisable and brand-equivalent payment interface. This will minimize the drop-offs and will improve customer experience.
Creating Growth and efficiency
Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe, claimed that the purpose of the new product, PG Bolt, is to simplify payments and facilitate the development of merchants. Merchants can optimize conversions by enabling a less frictional experience through token-based checkout and ensure they gain an edge in the current competitive digital payments ecosystem.
PhonePe is establishing a new trend of card payment in India, one-click and secure with the help of PG Bolt. The platform is beneficial to both users and merchants because it incorporates device tokenisation, in-app integration, and simplified checkout process. Digital payments will probably be quicker, safer and more convenient nationwide as more businesses switch to using PG Bolt.
