NPCI, HSBC India partner for real-time forex settlement on international UPI payments
New Delhi, July 1
The National Payments Corporation of India on Wednesday announced a strategic partnership with HSBC India to enable real-time foreign exchange settlement for cross-border Unified Payments Interface 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
Reader Comments
UPI is already a blessing at home, and now it's expanding abroad step by step. However, I hope the API integration doesn't lead to any data privacy concerns. Banks and payment gateways need to ensure our transaction details stay secure, especially when dealing with foreign entities. But overall, a welcome development.
As someone who travels to India for business, I'm really impressed with how UPI is revolutionising global payments. This real-time forex settlement could make cross-border transactions seamless for everyone, not just Indians. Very exciting to see Indian digital infra leading the way!
Good move, but I'm a bit cautious about the FX rates being offered through API. Will these be competitive with what forex cards or currency exchanges offer? Or will HSBC take a cut? Transparency about the rates is key. Still, it's nice to see India's fintech ecosystem maturing.
This is excellent news for NRIs like me! Sending money to family back home or managing expenses across borders just got easier. The real-time settlement means no more waiting for days for forex payments to clear. Digital India is truly going global. 👏
I'm a bit skeptical about the real-time part. API integrations can sometimes lead to technical glitches or delays. But if NPCI and HSBC pull this off, it'll set a new standard for international payments. India's UPI is already the envy of the world; this partnership adds another feather.
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