OnionPay joins Payments Association of India: three-way payments in India

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In an effort to deeply integrate into the Indian financial payments market, OnionPay recently announced that it has officially become a member of the Payments Council of India (PCI).

PCI was established in 2013 as an independent industry organisation created by the Internet and Mobile Association of India to respond to the growing demands in the digital payments space. Its main objective is to create a mechanism for communication between non-banking payment entities and the regulators of the Government of India.PCI represents the voice of the industry, addresses common issues, and facilitates discussions and actions to resolve them.

On the one hand, PCI aims to work with its members to facilitate the growth of the payments industry in India. On the other hand, it also responds to the Indian government's call for a "cash less society" and "financial inclusion" PCI maintains close communication with regulators such as the Reserve Bank of India and the Ministry of Finance to ensure that policies better support the realisation of a "cash less society". Cash Less Society".

According to information on PCI's official website, it currently has 96 member entities, including national-level payment entities (such as NPCI), Indian e-wallets (such as Paytm, PhonePe and Mobikwik), card organisations (such as VISA, MASTERCARD and AMERICAN EXPRESS), Indian payment gateways (such as BillDesk, Ingenico), third party payment aggregators (e.g. Razorpay, PayU and Cashfree) and other types of licensed payment clearing organisations and non-bank payment entities.

As an emerging Indian payment aggregator, OnionPay mainly provides Indian online payment, offline collection and cross-border collection solutions for Chinese companies. It provides secure, convenient and stable payment services for multiple application scenarios such as gaming, social, entertainment, e-commerce, cross-border e-commerce and consumer brands.

Over the course of its business operations, OnionPay has come to realise that the Indian payments industry faces a number of challenges, including issues such as professional complainants, credit card fraud and bank channel stability. These issues directly and indirectly affect OnionPay and its partners. However, these issues cannot be solved by a single payments company or affected merchant alone and require a systemic response from the entire payments industry, which is where PCI comes into play.

OnionPay believes that joining PCI is a critical step in engaging in industry discussions, collaboration and joint development. It will not only allow OnionPay to gain insights into the Indian payments ecosystem and grow as a key member, but also provide partners with a channel to give feedback on issues and solve problems.

OnionPay is also committed to continuously optimising its payment products in an effort to provide its partners with long-term stable and comprehensive payment solutions in India.