NPCI ties up with HSBC India to enable real-time forex settlement to simplify international UPI payments
New Delhi, July 1
The National Payments Corporation of India on Wednesday announced a strategic partnership with HSBC India to provide real time foreign exchange 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.
— ANI
Reader Comments
This is incredible for students like me studying abroad! Instead of relying on expensive wire transfers or carrying huge amounts of cash, I can just scan and pay from my Indian account. The real-time rate transparency will save us so much money on hidden fees. 🤩
While I appreciate the innovation, I hope NPCI ensures robust security for these cross-border transactions. UPI has been fantastic domestically, but international payments open up new fraud vectors. Also, what about the merchant fees? Will they be competitive? Let's not turn this into another source of hidden charges.
This is brilliant for NRIs like my parents who visit India frequently. They can use UPI here and now I can use it there? Has the potential to truly globalize our payment system. India is truly leading the world in digital payments! 🙌
As someone who travels to Dubai for work every month, this is a huge time-saver. The 24x7 settlement is key - forex markets move constantly and having real-time rates at 2 AM is a big plus. Just hope the API integration doesn't have downtime during peak travel seasons.
Love seeing our digital infrastructure go global! But I'm curious about the adoption - will small shops in Bangkok or Paris actually accept UPI QR codes? Unless they also promote merchant onboarding aggressively, it might remain limited to big hotels and chains. Still, a great step forward!
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.