NPCI, HSBC India partner for real-time forex settlement on international UPI payments

New Delhi, July 1 (IANS) The National Payments Corporation of India (NPCI) on Wednesday announced a strategic partnership with HSBC India to enable real-time foreign exchange (FX) settlement for cross-border Unified Payments Interface (UPI) transactions to make international digital payments more seamless and transparent for Indian travellers. 

Under the collaboration, HSBC India will provide real-time FX rates through direct API integration, allowing customers to view the exact Indian rupee (INR) amount payable at the point of transaction while making purchases abroad.

The partnership is expected to enhance the experience of international UPI payments by offering greater pricing transparency and faster settlement, while enabling merchants and financial institutions abroad to receive funds in their local currencies.

NPCI said the initiative will strengthen the efficiency of cross-border transactions and support the growing global adoption of India’s digital payments ecosystem.

“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,” an NPCI spokesperson said.

The spokesperson added that the partnership will improve convenience in international payments while supporting wider acceptance of India’s digital public infrastructure.

The API-enabled framework, supported by HSBC India’s global payments capabilities and international network, will facilitate secure and round-the-clock cross-border transactions, making international UPI payments faster and more efficient.

UPI is currently live in nine countries, including Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia, enabling Indian users to make QR code-based payments directly from their domestic bank accounts in rupees.

NPCI -- an umbrella organisation for retail payments in India -- has been instrumental in building key digital payment systems including UPI, RuPay, IMPS, NACH, NETC, AePS and eRUPI. It operates under the guidance of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).

--IANS

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