White-box cryptography was originally introduced in the setting of digital rights management with the goal of preventing a user from illegally re-distributing their software decryption program. In recent years, mobile payment has become a popular new application for white-box cryptography. Here, white-box cryptography is used to increase the robustness against external adversaries (i.e., not the user) who aim to misuse/attack the cryptographic functionalities of the payment application. A necessary requirement for secure white-box cryptography is that an adversary cannot extract the embedded secret key from the implementation. However, a white-box implementation needs to fulfill further security properties in order to provide useful protection of an application. In this paper we focus on the popular property incompressibility that is a mitigation technique against code-lifting attacks. We provide an incompressible white-box encryption scheme based on the standard-assumption of one-way permutations whereas previous work used either public-key type assumptions or non-standard symmetric-type assumptions.