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

PTI New Delhi

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 Unified Payments Interface (UPI) payments more seamless for Indians travelling abroad, a joint statement said.

The UPI system 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.

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. 

Under this collaboration, HSBC India, as the banking partner, will provide real-time FX rates via a direct Application Programming Interface (API) integration, allowing customers to see the exact amount in Indian currency they will pay at the point of transaction when making purchases abroad.