New Delhi [India], July 1 : The National Payments Corporation of India (NPCI) on Wednesday announced a strategic partnership with HSBC India to provide real time foreign exchange (FX) settlement for cross-border payments. This collaboration aims to make international UPI payments more seamless for the Indians travelling overseas.
According to an NPCI release, UPI is now live in nine countries including Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia enabling Indian travellers to make QR code-based payments directly from their Indian bank accounts in Indian Rupees (INR).
"Building on this growing international footprint, the partnership with HSBC India will enhance the experience by bringing real-time FX pricing and greater transparency to international UPI transactions," the NPCI said.
Under this collaboration, HSBC India, as the banking partner, will provide real-time FX rates via a direct API integration, allowing customers to see the exact INR amount they will pay at the point of transaction when making purchases abroad. The solution will allow international merchants and financial institutions to receive funds in their local currencies while simplifying the end-to-end settlement process, the release said.
NPCI spokesperson, said, "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."
The API-enabled infrastructure, supported by HSBC India's global payments capabilities and extensive international network, will enable secure, 24x7 cross-border payments - making international UPI transactions faster, more transparent and more convenient for users and ecosystem participants across markets.
NPCI, the umbrella organisation for retail payments in India established by the Reserve Bank of India and the Indian Banks' Association, has been expanding the global reach of UPI as part of India's digital public infrastructure strategy. Its payments portfolio includes UPI, RuPay, IMPS, NACH, NETC, AePS and e-RUPI.