NPCI and HSBC India Revolutionize Real-Time Forex Settlements for International UPI Payments

NPCI partners with HSBC India to offer real-time foreign exchange settlement for cross-border UPI payments, enhancing transparency and convenience for Indian travelers abroad. This collaboration allows seamless transactions in local currencies across nine countries, significantly streamlining the international payment experience.

The National Payments Corporation of India (NPCI) has announced a groundbreaking partnership with HSBC India, aimed at providing real-time foreign exchange (FX) settlement for cross-border payments through the Unified Payments Interface (UPI). This collaboration seeks to streamline international UPI payments for Indians traveling overseas, offering enhanced transparency and convenience.

The strategic move comes as UPI is now operational in nine countries, including Singapore, the UAE, and France, allowing Indian travelers to make direct payments from their bank accounts in Indian Rupees (INR) through QR code scanning. HSBC India, as the banking partner, will ensure real-time FX rates via API integration, letting customers view precise INR transaction amounts when making overseas purchases, thus simplifying the settlement process.

An NPCI spokesperson highlighted that this partnership with HSBC signifies a crucial advancement in providing efficient forex conversion and real-time settlement for cross-border transactions. Supported by HSBC India's robust global payment network, the initiative promises secure and continuous cross-border payments, reinforcing the global adoption of India's digital payment infrastructure. NPCI continues to expand UPI's global reach, furthering its portfolio of innovative payment solutions.