Aiming to resolve and minimise some of the key challenges faced by merchants, especially Enterprises, like transaction failures, payment funnel drop-offs and cart abandonment, PhonePe Payment Gateway has launched PhonePe PG Bolt to ensure enhanced customer experience and efficient payment journey, all of which together is likely to result in increased conversion rates and business growth.
As per the brand, the same delivers a 10x faster payment experience with UPI Lite, Wallets, and Electronic Gift Vouchers, all through a one-click and PIN-less process and empowers merchants to offer faster in-app payment experience to their customers with a 99% success rate.
With a focus on speed, convenience, and reliability, PhonePe PG Bolt offers a one-second transaction time with customers and merchants both being able to make their payments across apps without multiple onboarding.
That being said, by providing complete control over the customer’s payment experience within the merchant app, PhonePe PG Bolt also eliminates the need for redirection to external payment platforms.
Furthermore, the brand also mentioned that, with the new offering in place, merchants can now 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.
Commenting on the launch of the PhonePe PG Bolt, Ankit Gaur, Head- PhonePe Payment Gateway and Online Merchants, PhonePe Group, said, “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. 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.”
With beauty and lifestyle retailer- Nykaa being one of the early adopters of the solution offering, Rajesh Uppalapati, Chief Technology Officer, Nykaa, stated, “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.”
