PhonePe launches 'Bolt' for Visa, Mastercard users: What is it?
What's the story
PhonePe, a leading digital payments platform, has launched 'PhonePe PG Bolt' to simplify in-app card transactions for Visa and Mastercard users. The new feature employs device tokenization to provide a secure and efficient checkout experience on the PhonePe app. With this innovation, users can save their Mastercard and Visa cards once on the app and use them across all merchants integrated with PhonePe PG without having to re-enter their details each time.
Enhanced security
A game-changer for in-app transactions
The PhonePe PG Bolt solution replaces sensitive card details with secure tokens, eliminating the need for CVV entry on subsequent transactions on the same device. This not only enhances security but also simplifies the payment process by keeping users within the merchant's app environment throughout. The new feature promises a seamless one-click payment experience, moving away from traditional checkout processes that are often cumbersome.
Benefits
A win-win for merchants and users
Merchants using PhonePe's native SDK can expect higher transaction success rates and faster checkouts with the new feature. The efficiency is attributed to the removal of manual card entry and reduced technical hand-offs between payment entities. Plus, it also offers a customizable interface that integrates directly into their existing app flow, ensuring brand consistency while reducing transaction drop-offs.