PhonePe Payment Gateway announced the launch of PhonePe PG Bolt, a solution that empowers merchants by offering the fastest in-app payment experience to customers with a 99% success rate.
PhonePe PG Bolt offers a 1-second transaction time with the widest reach for registered PhonePe merchants and users who can integrate their payments across apps without multiple onboarding.
Unlike other solutions that require multiple steps and phone permission, PhonePe PG Bolt provides complete control over the customer’s payment experience within the merchant app, PhonePe PG Bolt eliminates the need for redirection to external payment platforms.
Merchants can offer a wide range of payment options, including UPI Lite, UPI-linked bank accounts, electronic gift cards, Rupay credit cards, and wallets, to cater to diverse customer preferences.
PhonePe PG Bolt reduces transaction failures, eliminating payment funnel drop-offs, and minimizing cart abandonment. By integrating the PhonePe PG Bolt, merchants can significantly improve customer satisfaction, increase sales, and gain a competitive edge in the market.
“We are excited to launch PhonePe PG Bolt as it represents a significant milestone in our mission to empower businesses and enhance the overall payment experience for consumers,” said Ankit Gaur, Head PhonePe Payment Gateway & Online Merchants.
“By providing merchants with the tools to create a seamless and secure payment environment, we are confident that PhonePe PG Bolt will drive substantial growth and success for businesses of all sizes,” he added.
By partnering with multiple leading banks, PhonePe PG Bolt ensures robust payment processing capabilities due to reduced transaction failures.
Nykaa, a beauty and lifestyle retailer is among the early adopters of the new solution.
“PhonePe PG Bolt offers a seamless, one-click payment solution that addresses drop-offs and improves success rates, enhancing our understanding of the customer journey and satisfaction. We are excited to elevate the retail experience for our customers with this promising solution,” said Rajesh Uppalapati, Chief Technology Officer, Nykaa.
