Onmeta, founded in early 2022, is the leading fiat-to-crypto onramp service provider for web3 companies in the gaming, DeFi, wallet, and NFT spaces in Southeast Asia. Despite challenges such as the Terra/Luna crash, the bear market, and the Indian government’s 30% tax ruling, Onmeta has been working to provide support and comfort to web3 companies and crypto enthusiasts in India.
One innovation that Onmeta implemented was the ability to accept fiat directly into a bank account and validate the transaction in real-time by collecting a unique transaction reference (UTR) from the customer. This allowed Onmeta to bypass payment gateways and their associated transaction fees. However, the UTR method came with its own set of problems, such as significantly different terminology being used for the unique transaction reference (UTR) in different UPI apps and customers confusing the UTR with the UPI app’s own transaction ID.
To address these issues, Onmeta implemented a two-pronged approach. Firstly, they set more stringent rules on the format of the UTR that would be accepted, based on an analysis of the different UTR types received for different payment methods and banks. Secondly, they improved the payments page by clearly communicating to the end users in the language of the UPI app they used to make the transaction.
These changes significantly improved the conversion rate. Prior to the change, there were ~ 0.57 wrong UTR entries per successful order, but after the changes, the number reduced to 0.20 wrong UTR entries per successful order. With this ~60% reduction in wrong UTR entries, Onmeta helped multiple clients increase the payment conversion rate by nearly 100%. This solution greatly improved the end user experience, which was previously being hindered by what appeared to be a minor problem.