GFF 2024: PhonePe launches PG Bolt for faster in-app payments

By Gloria Methri

PhonePe Payment Gateway has launched PhonePe PG Bolt, a solution that empowers merchants by offering a fast in-app payment experience to customers with a 99% success rate. PhonePe PG Bolt offers a one-second transaction time with a wide reach for registered PhonePe merchants and users who can integrate their payments across apps without multiple onboarding.

Focusing on speed, convenience, and reliability, it delivers a 10x faster payment experience with UPI Lite, Wallets, and EGVs through a one-click, PIN-less process. By providing complete control over the customer’s payment experience within the merchant app, it 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 addresses critical challenges faced by merchants by reducing transaction failures, eliminating payment funnel drop-offs, and minimizing cart abandonment.

“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 of 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.”

By partnering with multiple banks, PG Bolt ensures robust payment processing capabilities due to reduced transaction failures. India’s leading beauty and lifestyle retailer, Nykaa, 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.

The new solution’s seamless integration with PhonePe’s platform enhances the overall UPI payment ecosystem and contributes to the growth of digital payments in India.