New Delhi, Aug 29 : PhonePe Payment Gateway on Thursday announced the launch of PhonePe PG Bolt -- a groundbreaking solution that empowers merchants by offering the fastest in-app payment experience to customers with a 99 per cent success rate.

PhonePe PG Bolt offers a 1-second transaction time with the widest reach for registered PhonePe merchants and users who can integrate their payments across apps without multiple onboarding.

PhonePe PG Bolt offers a multitude of benefits that set it apart from other payment solutions in the market.

With a focus on speed, convenience, and reliability, PhonePe PG Bolt delivers a 10x faster payment experience with UPI Lite, Wallets, and EGVs, through a one-click, PIN-less process.

Unlike other solutions that require multiple steps and phone permissions, PhonePe PG Bolt eliminates these hurdles, ensuring enhanced customer experience and an efficient payment journey which leads to increased conversion rates and drives business growth.

By providing complete control over the customer's payment experience within the merchant app, PhonePe PG Bolt 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.

This comprehensive suite of payment options, coupled with PhonePe's extensive user base helps position merchants for success.

PhonePe PG Bolt addresses key challenges faced by merchants, especially enterprises, by reducing transaction failures, eliminating payment funnel drop-offs, and minimising cart abandonment.

By integrating the PhonePe PG Bolt, merchants can significantly improve customer satisfaction, increase sales, and gain a competitive edge in the market.

'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 PhonePe Payment Gateway and 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,' Gaur added.

By partnering with multiple leading banks, PhonePe 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.

PhonePe PG Bolt's ability to seamlessly integrate with PhonePe's platform enhances the overall UPI payment ecosystem and contributes to the growth of digital payments in India.

/IANS