The National Payments Corporation of India (NPCI) on Wednesday signed separate partnerships with HSBC India and JPMorgan Payments to simplify how Indians pay through UPI while travelling abroad. The collaborations will introduce real-time foreign exchange (FX) conversion and settlement for international UPI transactions, allowing users to see the exact amount in rupees before making a payment.
Under this partnership, each bank will support the initiative through its own banking and payments infrastructure.
HSBC India will provide real-time foreign exchange rates through direct API integration, which means Indian users making purchases overseas will be able to see the exact amount payable in Indian rupees before confirming a transaction, instead of learning the converted amount later. Overseas merchants and financial institutions, meanwhile, will continue to receive payments in their local currencies.
The collaboration also aims to streamline the end-to-end settlement process. HSBC India’s global payments capabilities and international banking network will support secure, round-the-clock cross-border transactions, making overseas UPI payments faster and more efficient.
In a separate collaboration, JP Morgan Payments will support real-time foreign exchange conversion and settlement across multiple currencies. Citing NPCI, media reports said the partnership combines UPI’s growing international acceptance with JP Morgan’s foreign exchange capabilities to simplify international digital payments and improve settlement efficiency across global markets.
“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 was quoted as saying by CNBC TV18.
UPI is now accepted in nine countries. These include Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia, allowing Indian travellers to make QR-based payments directly from their Indian bank accounts without relying solely on cash or international cards.
