PhonePe Unveils PG Bolt: Revolutionizing In-App Payments with Unmatched Speed and Reliability
PhonePe Payment Gateway has announced the launch of PhonePe PG Bolt, a cutting-edge solution designed to transform the in-app payment experience for merchants and customers. This innovative offering promises the fastest payment processing with a remarkable 99 percent success rate and a transaction time of just one second.
PhonePe PG Bolt aims to streamline the payment process for registered PhonePe merchants by integrating payments across various apps without requiring multiple onboarding procedures. The solution is engineered to deliver a significantly faster and more efficient payment experience compared to existing options.
Key features of PhonePe PG Bolt include its ability to facilitate payments via UPI Lite, electronic gift vouchers (EGVs), wallets, and Rupay credit cards through a seamless, one-click, PIN-less process. This approach eliminates the need for multiple steps and reduces reliance on phone permissions, thus enhancing the customer experience and increasing conversion rates.
The platform offers merchants full control over the payment experience within their own apps, removing the necessity for redirection to external payment platforms. This integration allows for a comprehensive range of payment options, accommodating UPI Lite, UPI-linked bank accounts, electronic gift cards, and more.
Addressing common merchant challenges such as transaction failures, payment funnel drop-offs, and cart abandonment, PhonePe PG Bolt provides a solution designed to improve customer satisfaction and drive business growth. By leveraging PhonePe’s extensive user base and partnering with leading banks, the solution ensures robust payment processing and minimizes transaction issues.
Ankit Gaur, Head of PhonePe Payment Gateway and Online Merchants, expressed enthusiasm about the launch: “PhonePe PG Bolt represents a significant milestone in our mission to empower businesses and enhance the payment experience for consumers. We are confident that this solution will drive substantial growth and success for businesses of all sizes.”
Nykaa, a leading beauty and lifestyle retailer, is among the early adopters of PhonePe PG Bolt. Rajesh Uppalapati, Chief Technology Officer at Nykaa, praised the new solution: “PhonePe PG Bolt offers a seamless, one-click payment solution that addresses drop-offs and improves success rates, significantly enhancing our understanding of the customer journey and satisfaction.”
With its integration into PhonePe’s platform, PhonePe PG Bolt contributes to the advancement of the UPI payment ecosystem and the overall growth of digital payments in India.
