Onmeta Product Blog
May 5, 2023
Onmeta Monthly Newsletter, your go-to source for the latest news and updates on our Fiat On and Off Ramp solution. Here, we will be sharing updates on our new product releases and exciting partner integrations we did in the month of April.
Onmeta is a revolutionary platform that enables users to easily and securely buy and sell cryptocurrency using fiat currency. We are constantly innovating and improving our platform to make the cryptocurrency buying process as simple and user-friendly as possible.
Onmeta is proud to announce its April update, featuring several upgrades and innovations designed to enhance the user experience of our clients. From seamless onboarding to customizable widgets and blockchain additions, we have made significant improvements to our platform to help our users transact with ease. In this blog post, we will highlight the key features of this update, including KYB documents submission, widget customizations, offramp webhook setup, blockchain additions, innovations such as UPI Direct and B2C widget for websites, and more.
Chingari Integrates Onmeta for Seamless in-app trade of GARI with Fiat currency
Chingari, the world’s fastest-growing on-chain social app, is proud to announce its partnership with Onmeta, a leading on-ramp solutions provider to make your GARI token transactions more convenient and hassle-free than ever before.
How Onmeta’s Integration Will Benefit Chingari Users
Thanks to this collaboration with Onmeta, now Chingari users can buy and sell GARI tokens with fiat currency through the locally popular payment methods in India like UPI and bank transfer from within the Chingari app, reducing the complexity and friction associated with traditional cryptocurrency exchanges.
Product Updates
Dashboard Upgrades
Know Your Business (KYB)
To seamlessly onboard new clients into our platform, we made it really easy for businesses to submit basic KYB documents via Onmeta dashboard. It typically takes 2-3 minutes to complete the KYB section and takes just 2 hours for the submitted documents to be approved.
Widget Customizations
We have enabled 2 of the most sought after customizations in the dashboard last month. With this upgrade clients will now be able to
Select the currencies and payment methods that need to be shown in the widget
Select onramp, offramp or both to appear in the widget
Analytics
We now summarize key metrics such as # of orders, volume of transaction in fiat currency, order status breakdown etc. in the home page of the Onmeta dashboard. This will be a critical tool for our clients to analyze their orders. Below is a quick snapshot
Download Report
This customization allows clients to download order status report directly from the dashboard
Subscribe to daily report
Onmeta summarizes previous day transactions into a simple email and shares it with key stakeholders at the client's side. Now client admin can customize who among their employees should receive the daily summary report by adding or deleting email ID’s in the subscribe daily report section of the dashboard
Offramp webhook setup
You can now listen to offramp transaction events by setting up a offramp webhook URL in addition to the previous available Onramp webhook URL setup.This is available in the API setup section in the dashboard
Blockchain Additions
Klaytn
A chain with a market cap of nearly $1B is now integrated with Onmeta and you can purchase any stablecoin or gaming token of your choice in the chain anytime now.
Immutable
With an eye on the growing gaming and NFT market in India and SEA, we have integrated with Immutable. Game on Rock On!
Verse Dex
One of the more popular bitcoin DEXs is now available to be traded from via Onmeta
Innovations
UPI Direct
If you are a follower of Onmeta or for that matter any onramp in India you would have been familiar with what is colloquially called the UTR based flow. In this flow, after okaying the quote in the quotation page the user needs to make payments to the mentioned UPI ID via an UPI app and then come back to the widget to enter UTR (Unique transaction reference) to process the order.
This is the flow that is commonly used in countries where the payment gateways are hesitant or prohibited from serving the web3 Industry including Vietnam, India among many countries. Below is an example of how the UTR based flow works
Depositing USDC in Sequence Wallet
As innovative as the flow is, it comes with its own friction points
Many users fail to understand what a UTR means and confuse it with other numeric and alphanumeric characters and end up using the wrong variable. Even if the users identify what the right UTR is they still end up typing 1 or more of the digits wrong.
In a survey by Onmeta to its clients and end users a whopping majority (>90%) of them mentioned this flow as the single most friction heavy point in their user journey.
With the understanding that solving this problem would satiate its loyal customers the most, Onmeta set about solving this problem a couple of months ago. There is a lot of tribal knowledge about UPI in the fintech community in India but no straightforward answer as to why a flow without UTR will not work. After a lot of trial and error we landed on an approach that solved for the UTR flow problem in the most seamless of ways i.e. the user just had to make the payment in UPI app and watch the Onmeta widget do the magic. Watch the video below to understand more about the new flow
The initial results of this project look really promising as the users are able to complete their transactions within 30 seconds and lavish rich praises to Onmeta in the comments section.
Widget event collection
Onmeta has started collecting critical events in the widget by using Mixpanel. This will help the Onmeta team to view the payment & KYC funnel and experiment different changes to improve the conversion rate. As next step Onmeta will soon be sharing the data / insights derived from the events to clients via API
B2C Widget for website
We have been asking ourselves the rhetorical question “why we are not directly selling to the end customers directly?”. Many of these end customers use self custodial wallets to invest and transact in the web3 world regularly. Considering that Onmeta has one of the lowest prices for tokens in India, we believe we can open up great investment opportunities for retail investors in India and to that extent have enabled a retail buy / sell widget on our website. Follow this link to purchase on our website.
Customizations
KYC API
Now clients of Onmeta can share the KYC details of their customers directly via an API endpoint. What data can be transferred is customizable at a client level. Aadhaar / PAN files along with the data that can be extracted from these documents are easily transferable to Onmeta via these API’s
Redirect URL after success and failure
Post a successful or a failed transaction, client will be able redirect the end user to a customized URL
Onmeta’s CEO, Bharath attended Consensus 2023 in Austin
Our CEO Bharath attended the Consensus event in Austin and many amazing folks from the web3 community including Onramper, CoinW, OKX etc. He was also part of a panel hosted by Foundership and shared his views on why the UX in web3 needs to be further simplified and how Onmeta is leading the way in that.
At Onmeta, we are committed to providing our clients with the best possible experience when it comes to transacting in the web3 world. Our latest product update is a testament to that commitment, featuring several upgrades and innovations designed to enhance the user experience of our clients. We are confident that these updates will make it even easier for our clients to transact with ease and convenience. We look forward to continuing to improve our platform and to providing our clients with the best possible service.