PhonePe Payment Gateway has announced the launch of 'PhonePe PG Bolt', a new feature designed to enhance security and streamline Visa and Mastercard credit and debit card transactions. The solution utilises advanced device tokenisation technology to deliver a secure and efficient in-app checkout experience for both PhonePe platform users and merchant partners.

Enhanced Security Through Device Tokenisation

The core innovation of PhonePe PG Bolt lies in its device tokenisation approach, which replaces sensitive card details with secure tokens. This security enhancement eliminates the requirement for CVV entry during subsequent transactions carried out on the same device, significantly reducing friction in the payment process.

Simplified User Experience

The new feature addresses a key pain point in digital payments by allowing users to tokenise their Mastercard and Visa cards once on the PhonePe app. Once tokenised, users can utilise their saved cards across any merchant integrated with PhonePe PG, eliminating the need to tokenise cards separately with every merchant.

This streamlined approach reduces the number of steps in the payment journey while maintaining users within the merchant's app environment throughout the entire process. The solution eliminates traditional redirects to external pages, creating a more seamless checkout experience.

Merchant Benefits and Integration

For merchant partners, PhonePe PG Bolt offers significant operational advantages through PhonePe's native SDK integration. The solution enables merchants to achieve higher transaction success rates and significantly faster checkout speeds by eliminating manual card entry and reducing technical hand-offs between payment entities.

Key merchant advantages include:

• Customizable Interface: Direct integration into existing app flows
• Brand Consistency: Maintains merchant branding throughout checkout
• Reduced Drop-offs: Streamlined process minimises transaction abandonment
• Higher Success Rates: Improved technical efficiency increases completion rates

Strategic Impact on Digital Payments

Yuvraj Singh Shekhawat, Chief Business Officer of Merchant Business at PhonePe, described the launch as "a significant step in the company's journey to simplify digital payments for millions of Indians." He emphasised that the device tokenisation technology enables both users and merchants to move away from traditional, cumbersome checkout processes toward a secure, one-click payment experience.

The implementation represents PhonePe's continued focus on enhancing user convenience while empowering merchant partners to maximise growth through improved success rates and reduced transaction drop-offs in the competitive digital payments landscape.

A major wave of new-age companies is gearing up for public market debuts in 2026, with industry leaders PhonePe, Zepto, Oyo, Boat, Infra.Market, and Shadowfax collectively targeting nearly ₹50,000 crore through initial public offerings and offers for sale. This ambitious lineup follows a successful year where tech companies demonstrated strong market appetite, raising substantial capital through public listings.

Strong Foundation from Recent IPO Success

The upcoming IPO rush builds on solid momentum from the previous year, when new-age companies successfully raised nearly ₹36,000 crore through public offerings. This fundraising provided meaningful liquidity to founders, early investors, and employees across multiple high-profile listings.

Ranvir Davda, co-head of Investment Banking at HSBC India, highlighted the positive trajectory: "The post-listing performance of new-age companies that went public has been reasonably healthy, underscoring solid returns for public market investors."

Market Maturity and Investor Evolution

The sector is experiencing increased maturity, with multiple cohorts of companies listed across different years demonstrating consistent post-listing financial performance. Investment bankers note a significant shift in investor priorities, moving from growth narratives to concrete profitability metrics.

Gaurav Sood, managing director and head of equity capital markets at Avendus Capital, explained the transformation: "The market has moved from 'TAM and belief in the model' to 'clear path to profitability'. Investors are increasingly comfortable backing differentiated, scaled platforms, especially where margins provide downside protection."

New-age companies accounted for roughly one-fourth of total IPO fundraising, with strong subscription rates for most large issues reflecting robust investor appetite.

Key IPO Filings and Fundraising Targets

Several major companies have already initiated the listing process with substantial fundraising goals:

Zepto, the quick commerce platform, made its confidential filing in December as it competes with Eternal-owned Blinkit and Swiggy's Instamart in the competitive 10-minute delivery space. The company plans to list in the September quarter.

Oyo represents a recovery story, filing for its third public listing attempt after demonstrating financial turnaround. The hospitality startup turned profitable for the first time and has maintained positive performance following recovery from pandemic impacts.

PhonePe, the Walmart-owned payments major, filed confidentially in September with one of the largest proposed fundraising amounts in the pipeline.

Market Conditions and Investment Outlook

Investment professionals emphasize that sustaining momentum will depend on broader market conditions and investor appetite for tech businesses. A Mumbai-based fund manager noted: "The IPO market may start to heat up after the February budget around March, but the depth of activity will hinge on broader macro triggers."

Key factors influencing market sentiment include:

• Clarity on potential US-India trade deals
• Oil price trajectory
• Targeted budget measures
• Timing of large IPOs like Reliance Jio and SBI Funds

Investor Selectivity and Performance Focus

The investment landscape shows increased selectivity, with institutional investors focusing on profitability and cash flow visibility rather than growth stories alone. Large domestic and foreign institutions continue anchoring IPO books, with rising participation from insurers and pension funds.

Davda noted the improved market dynamics: "IPO pricing has also become more balanced, reflecting improved alignment between private market benchmarks and attractive entry points for public investors to participate in long-term growth."

The shift signals a mature market where sustained interest is driven by execution and financial performance rather than narrative potential, positioning 2026 as a critical year for new-age company public market success.