Bengaluru: In an attempt to revolutionize in-app payments for customers, PhonePe has announced the launch of PG Bolt, a feature that will offer customers an ultra-fast in-app payment experience. The company has claimed that PG Bolt will cut down the transaction time to as short as 1 second with a 99 percent success rate. It will empower the registered PhonePe merchants and users to integrate their payments across apps without multiple onboarding.
With its focus on speed, PhonePe PG Bolt will deliver a 10x faster payment experience through UPI Lite, Wallets, and Electronic Gift Vouchers (EGVs), thus offering a diverse set of choices. Unlike other payment platforms that require various steps and phone permissions, PG Bolt will give complete control of a transaction to the customer and eliminate the need for redirection to external payment platforms. By doing this, the company aims to address key challenges that customers face during a payment cycle such as transaction failures, funnel dropoffs, and cart abandonment.
While highlighting the significance of introducing this feature, Ankit Gaur, Head of PhonePe Payment Gateway and Online Merchants said that PhonePe PG Bolt is an important milestone in the company’s mission to empower businesses and provide a seamless and secure payment experience to customers. The company has partnered with multiple leading banks to ensure robust payment processing and reduced transaction failures.
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