India's three-way payments usher in Chinese disruptors, bringing new opportunities for Chinese companies going overseas www.deekpay.com

## New player in India's payments market: how Chinese startup OnionPay is breaking through A year ago, the Indian government's ban put a number of Chinese internet companies in a difficult position in the Indian market. But today, some companies are looking for opportunities in new ways. One of them, a third-party payment company called OnionPay, has quietly risen to prominence with the goal of providing Chinese companies with more secure and convenient payment solutions. OnionPay's founder, Luo Ming, is an Alipay-born entrepreneurial veteran who has started successive businesses in China.In 2019, he decided to turn his attention to this market with great potential after seeing many of his former Ali colleagues and friends choosing to go overseas to India. However, the Indian Internet market is highly competitive, and cash loans and other areas have long been "played out" by domestic companies. Luo Ming and his team eventually chose to focus on the payment field, they saw the huge potential of the Indian payment market: Domestic payment technology is 5-10 years ahead of India: India's payment scenarios, applicable industries, extended services, customer experience and other aspects are behind China; Epidemic blocked learning and exchange: China and India's Internet exchanges were blocked, and the Indian payment industry's learning and borrowing with Chinese counterparts was also reduced, which gave Chinese payment companies the opportunity to develop. But Luo Ming and his team soon discovered that making payments in India is not easy. Compliance is the biggest challenge. India's central bank stipulates that in India to do polymerisation payment, the merchant funds income and expenditure must go to the regulatory account. However, due to the previous "barbaric development" of Chinese companies in India, Indian payment companies and banks are cautious about Chinese companies. After obtaining the current account from the bank, OnionPay's team was well-prepared to strengthen communication with Indian banks and regulators in order to obtain the regulatory account, and finally obtained the approval. With the advantage of direct connection to Indian banks and e-wallets, OnionPay is able to provide a more secure and convenient payment method. For Chinese cross-border e-commerce companies, OnionPay also offers "Import Collection Accounts" to help them collect rupee payments directly from Indian consumers without the need to set up an Indian entity. For long-term growth in the Indian market, OnionPay is focusing on compliance. They plan to complete their PCI-DSS security certification, expand their local team in India, and maintain close communication with Indian regulators. Luo Ming hopes that OnionPay can be the key to help Chinese Internet products succeed in the Indian market. He believes that by sticking to compliance and being a good contributor, OnionPay will be able to gain a foothold in the Indian market and provide better services to Chinese Internet companies. In summary: OnionPay is a third-party payment company founded by a Chinese entrepreneur, which targets the Indian payment market to provide better payment solutions for Chinese companies and is committed to creating a secure and compliant payment environment. Against the backdrop of complex Sino-Indian relations, OnionPay's success will serve as a reference for other Chinese internet companies entering the Indian market.