PhonePe Payment Gateway adds ‘Bolt’ to secure Visa, Mastercard payments via...

Key Highlights

• “By leveraging device tokenization, we will enable users and merchants to move away from the traditional, cumbersome checkout process to a secure, one-click payment experience.
• This not only enhances user convenience but also empowers our merchant partners to maximize their growth through industry-best success rates and reduced drop-offs,” he said.
• The new feature allows users to tokenize their Mastercard and Visa cards once on the PhonePe app, enabling them to use their saved cards across any merchant integrated with PhonePe PG instead of having to tokenize their card separately with every merchant.
• By replacing sensitive card details with secure tokens, the system removes the requirement for CVV entry during subsequent transactions carried out on the same device, the statement said.
• This architecture reduces the number of steps in the payment journey, maintaining the user within the merchant’s app environment throughout the process and eliminating traditional redirects to external pages.