Onmeta Widget Integration

Business FAQs

22min

How to get onboarded on Onmeta?

1. Test the integration in Sandbox Version (documentation) via staging dashboard

2. Register & Onboard: Submit KYB to get access to production API Keys

3. Complete Integration with Production credentials

4. Integration Check Call with Onmeta Tech team

5. Go Live immediately

What are the KYB Requirements for a Business to get onboarded?

  • Authorised Signatory/UBOs Identity Proof (any one)
    • Driving License/Passport/Any Govt. Issued ID Card/PAN/TAN
  • Authorised Signatory/UBOs Address Proof (any one)
    • Utility Bills/Bank Statement/Nationality Card/Telecom bill/Tenancy Agreement
  • Legal Entity's/Company's Incorporation Certificate
  • Company TAX related Certificate

What does the Onmeta On ramp user flow look like?

Document image


What are the possible Customization?

  • Client can configure which of the 5000+ tokens we support across 6 blockchains do they want to enable for their users, for example, client can only choose to limit it to buying USDC on Polygon
  • Users can use UPI or Bank Transfer to transfer the fiat (INR) *
  • For Philippines, the acceptable payment methods are Gcash, Paymaya & GrabPay

What does the Onmeta off ramp user flow look like?

Document image

  • Users can receive their withdrawals in INR only
  • Onmeta transfers the requested amount from their bank account registered under the Indian entity to User’s Indian Bank account. *

What are the different blockchains that Onmeta supports?

We currently live with Polygon, Ethereum, Binance, Arbitrum, Fantom, Avalanche. 

We have more blockchains in the pipeline to be launched in the next few months.What are all the fiat currencies that you support?

We support INR (Indian Rupees) and PHP (Philippine Peso) currently. We plan to launch a few more currencies in the near future.

5. How many crypto tokens do you support?

We have the capability to support ~5000 crypto tokens from the decentralized exchanges (DEX) which support the blockchains where we are already in live.

What are the different types of integration that you provide?

We support widget and API Integration.

How should clients choose between Widget and API Integration?

Clients looking to go to market quickly should integrate the widget as it is pretty quick and will take a maximum of a couple of hours to complete the integration. Clients who have very specific needs that our widget is not able to support can go for API integration. A large majority of our clients prefer widget over API as it is able to solve for a majority of their use cases

How long does it take to do widget integration in Onmeta?

It takes 10 minutes to integrate our widget i.e. 10 minutes between the time that you sign up on your dashboard and the time that you can go live.

How are you sourcing your crypto liquidity?

We have partnership with top crypto exchanges and liquidity providers across India and the world. We find the best price for you for the crypto token of your choice using real time prices across the liquidity providers

How is the legal and compliance taken care of?

  • KYC & AML checks are in place
  • Onmeta solution includes the user KYC, the client wants to do KYC themselves then they need to share that information with us
  • Local taxes like TDS & GST in India are taken care of

What are your KYC policies? 

We need users to verify one proof of Identity and one proof of address before they can transact on our platform. 

Does KYC need to be done for all transactions? 

Yes, For On & off ramp, for all transactions, regardless of the size, KYC is required.

Does the user need to do KYC for every transaction? 

No, the KYC details are stored on-chain so if a user does KYC once, they don’t need to do it again. *

What are the tax liabilities of the end users?

  • GST on Onmeta Fee: 18% GST is applicable on Onmeta’s Platform Fee (1.5%). Paid by User, collected by Onmeta.
  • TDS on Buying & Selling: Onmeta will withhold 1% of Crypto & Fiat from users for Onrmap & OffRamp respectively. Paid by User, collected by Onmeta
  • Tax on Capital Gain: 30% Tax payable on any capital gain from Virtual Digital Asset. Paid by User directly, declared by User - no liability on Onmeta or client platform.

What all details are a bare min for withdrawals/off-ramp if we aren’t doing KYC ourselves on our platform?

Onmeta  can handle the KYC (for widget integration) of the user and we collect the following documents. The whole process takes 2-3 Mins, including verification.

  1. Selfie for liveliness check
  2. PAN as Identity Proof
  3. Aadhar as Address Proof

How do we start our integration?

We have a self-serve dashboard and you can seamlessly perform the integration by following the steps mentioned in the dashboard.You can register for the dashboard here. 

Is credit card payment method supported for making onramp transactions?

We don’t support any type of card payments for both INR & PHP currencies

How long does it take to complete the account verification?

We do real time KYC verification of end users. The whole process can be completed in less than a minute if the user has all the documents ready.

What are the payment methods supported in different geographies ?

India - NEFT, IMPS, RTGS & UPI (Google Pay, PhonePe, Paytm and other UPI apps)

Philippines - Grabpay, Gcash , Paymaya & Instapay

How much time does it take to offramp with Onmeta ?  

Our onramp and offramp transactions typically take less than a minute to process

How much time would the user need to wait after the USDC is transferred to your wallet on Polygon to get the Fiat in his/her account?

Transaction is instant, in some cases when the bank server is down or not operational - it might take longer. On an average the amount is reflected in the user bank account in a minute.

What is the maximum and minimum limit for Onramp transactions ?

We allow our clients to set their own limits for the transaction. Below are our suggested minimum and maximum limits. The minimum is arrived based on a transaction size that makes the gas fee attractive for miners/validators and maximum is based on payment channel transfer limits

Chain

Minimum Limit 

Maximum Limit 

Ethereum

1000 INR, 1000 PHP

500000 INR, 50000 PHP

Polygon

100 INR, 100 PHP

500000 INR, 50000 PHP

Binance Smart Chain

500 INR, 500 PHP

500000 INR, 50000 PHP

Avalanche

100 INR, 100 PHP

500000 INR, 50000 PHP

Arbitrum

100 INR, 100 PHP

500000 INR, 50000 PHP

Fantom

100 INR, 100 PHP

500000 INR, 50000 PHP

Ton

100INR, 100 PHP

500000 INR, 50000 PHP

Hedera

100INR, 100 PHP

500000 INR, 50000 PHP

Base

100INR, 100 PHP

500000 INR, 50000 PHP

Tron

200INR, 200 PHP

500000 INR, 50000 PHP

Does the transaction limit change with the payment method?

Yes, for UPI transactions Max limit per user per day is 1 Lakh. It also varies with limits set by the user bank account. For Bank Transfer (IMPS/NEFT/RTGS), Max limit is up to 5 Lakh per transaction.

Can users off ramp money to foreign bank accounts?

We support payouts to only verified Indian bank accounts

What support options do users have if they face any issues with Onmeta? 

The users have three options to reach out to Onmeta Support:

  • Live chat option in the Onmeta widget
  • Onmeta Telegram Group
  • User can email us at [email protected]

Where does Onmeta source liquidity from? 

Onmeta sources liquidity from all the leading CEXs and DEXs operating in a region, in compliance with local regulations. For example, liquidity to support INR transactions is sourced from Indian exchanges, similarly for other countries.

Would you like to mention a couple of apps/landing pages where I can off-ramp for a test experience?

For off ramp, you can check cypherD wallet (https://cypherd.io/) & Polysports (https://www.polysports.com/)  for reference

Updated 30 Oct 2024
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