The National Payments Corporation of India (NPCI) has announced separate strategic partnerships with HSBC India and JP Morgan Payments to introduce real-time foreign exchange (FX) conversion and settlement for cross-border Unified Payments Interface (UPI) transactions. The collaborations aim to improve international UPI payments by offering real-time exchange rates, transparent pricing and faster settlement for Indians making payments overseas.
UPI is currently available in nine countries — Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia. Indian travellers can make QR code-based payments directly from their Indian bank accounts in Indian Rupees (INR). NPCI said the new partnerships will strengthen this international payment network by improving the cross-border payment process.
Under the partnership with HSBC India, the bank will provide real-time foreign exchange rates through direct API integration. This will allow customers to see the exact amount in Indian Rupees they will pay before completing a transaction abroad. The system will also enable international merchants and financial institutions to receive payments in their local currencies while simplifying the settlement process.
"Our collaboration with HSBC represents an important step toward enabling efficient forex conversion and real-time settlement for cross-border transactions, delivering transparent payment experiences for users. This partnership will further enhance the convenience of international payments while supporting the growing global acceptance of India’s digital public infrastructure," an NPCI spokesperson said.
The collaboration with JP Morgan Payments will combine NPCI's UPI infrastructure with the bank's foreign exchange and API capabilities. According to NPCI, the arrangement will support end-to-end foreign exchange conversion and real-time settlement across multiple currencies, making overseas UPI transactions faster and more transparent.
"This collaboration reduces friction in cross-border payments and connects clients to UPI’s expanding reach, while pairing it with our real-time FX capabilities and API-based integration. We’re focused on helping clients deliver better customer experiences with greater transparency, scale and control across currencies and corridors," Guhaprasath Rajagopal, Head of India Payments at J.P. Morgan Payments, said.
NPCI said HSBC India's global payments capabilities and international network will support secure, 24x7 cross-border payments through API-enabled infrastructure. The organisation added that both collaborations are part of its efforts to strengthen India's digital payment infrastructure by working with global financial institutions and making international digital payments more efficient and accessible.
NPCI is the umbrella organisation for retail payments and settlement systems in India. It was established by the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) and operates as a not-for-profit company that provides payment and settlement infrastructure for the country's banking system.
