On Thursday, PhonePe introduced PhonePe PG Bolt, a cutting-edge payment gateway designed to revolutionise in-app transactions for merchants by providing the fastest payment experience with a 99% success rate.

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PhonePe PG Bolt boasts a 1-second transaction time, offering the broadest reach for registered PhonePe merchants. Users can easily integrate their payments across various apps without the hassle of multiple onboarding processes.

This new solution stands out in the market due to its focus on speed, convenience, and reliability. With PhonePe PG Bolt, merchants can deliver a payment experience that is ten times faster using UPI Lite, Wallets, and Electronic Gift Vouchers (EGVs) through a seamless, one-click, PIN-less process. Unlike other payment gateways that require multiple steps and permissions, PhonePe PG Bolt simplifies the payment process, leading to higher conversion rates and business growth.

PhonePe PG Bolt also allows merchants to maintain complete control over the customer's payment experience within their own app, eliminating the need to redirect to external platforms. This solution supports a wide range of payment options, including UPI Lite, UPI-linked bank accounts, electronic gift cards, RuPay credit cards, and wallets, catering to diverse customer preferences. Coupled with PhonePe's vast user base, these features set merchants up for success.

Addressing common challenges such as transaction failures, payment funnel drop-offs, and cart abandonment, PhonePe PG Bolt is designed to enhance customer satisfaction, boost sales, and provide a competitive edge. By partnering with leading banks, PhonePe PG Bolt ensures robust payment processing and significantly reduces transaction failures.

Nykaa, is among the first to adopt this new solution. Rajesh Uppalapati, Chief Technology Officer at Nykaa, praised PhonePe PG Bolt for its ability to improve payment success rates and enhance the overall customer journey.

Ankit Gaur, Head of PhonePe Payment Gateway and Online Merchants, emphasised the significance of this launch: "PhonePe PG Bolt is a major milestone in our mission to empower businesses and improve the payment experience for consumers. We believe it will drive substantial growth and success for businesses of all sizes."

PhonePe PG Bolt not only strengthens the UPI payment ecosystem but also contributes to the growth of digital payments in India.