This solution employs device tokenisation, delivering a secure and seamless in-app checkout process for both users of the PhonePe platform and its merchant partners, as stated by the company.
Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe, noted that the introduction of the PhonePe PG Bolt feature for Visa and Mastercard marks a pivotal advancement in the company’s efforts to streamline digital payments for millions of Indians.
“Utilizing device tokenisation will allow users and merchants to transition from the outdated, complex checkout process to a secure, one-click payment experience. This not only improves user convenience but also enables our merchant partners to enhance their growth through industry-leading success rates and diminished drop-off rates,” he stated.
This new feature permits users to tokenize their Mastercard and Visa cards once within the PhonePe app, allowing them to use their saved cards across any merchant integrated with PhonePe PG instead of requiring separate tokenisation for each merchant.
By substituting sensitive card information with secure tokens, the system eliminates the need for CVV entry in subsequent transactions conducted on the same device, as highlighted in the statement.
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This architecture streamlines the payment journey by keeping users within the merchant’s app environment throughout, avoiding traditional redirects to external pages.
By leveraging PhonePe’s native SDK, merchants can realize higher transaction success rates and substantially faster checkout speeds, as per the statement.
“This efficiency results from the removal of manual card entry and the minimization of technical hand-offs between payment entities. Furthermore, the solution offers merchants a customizable interface that seamlessly integrates into their existing app flow, helping to maintain brand consistency while also reducing transaction drop-offs,” the statement elaborated.
(Edited by : Srabastee Biswas)
