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.
