NPCI Partners with HSBC India and J.P. Morgan Payments to Enable Real-Time FX Settlement for International UPI Payments

The National Payments Corporation of India (NPCI) has announced strategic collaborations with HSBC India and J.P. Morgan Payments to enable real-time foreign exchange conversion and settlement for international Unified Payments Interface (UPI) transactions.

The partnerships are aimed at making cross-border UPI payments faster, more transparent, and more convenient for Indian users travelling abroad. With real-time exchange rates, clearer pricing, and quicker settlement, the initiative is expected to enhance the overall international payment experience for Indians using UPI overseas.

UPI is currently accepted in nine international markets, including Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar, and Cambodia. Indian travellers can make QR code-based payments in these countries directly from their Indian bank accounts, with the transaction amount debited in Indian Rupees.

According to NPCI, the new partnerships will strengthen UPI’s international payment framework by improving the foreign exchange and settlement layer behind cross-border transactions.

As part of its collaboration with HSBC India, the bank will provide real-time FX rates through direct API integration. This will allow users to view the exact Indian Rupee amount payable before confirming a transaction abroad, giving them better transparency and control over overseas payments.

The system will also help international merchants, banks, and financial institutions receive payments in their local currencies while simplifying the settlement process at the back end.

An NPCI spokesperson said the partnership with HSBC marks an important step towards enabling efficient forex conversion and real-time settlement for cross-border transactions. The spokesperson added that the collaboration will help deliver a more transparent payment experience for users while supporting the wider global adoption of India’s digital public infrastructure.

NPCI’s partnership with J.P. Morgan Payments will combine UPI’s payment infrastructure with the bank’s foreign exchange capabilities and API-based technology. NPCI said the arrangement will support end-to-end FX conversion and real-time settlement across multiple currencies, making overseas UPI transactions more seamless and efficient.

Guhaprasath Rajagopal, Head of India Payments at J.P. Morgan Payments, said the collaboration would reduce friction in cross-border payments and connect clients to UPI’s growing international reach. He added that J.P. Morgan Payments’ real-time FX capabilities and API-led integration would help clients deliver better customer experiences with improved transparency, scale, and control across currencies and payment corridors.

NPCI said HSBC India’s global payments expertise and international network will support secure, round-the-clock cross-border payment processing through API-enabled infrastructure. The organisation added that both partnerships are part of its broader effort to strengthen India’s digital payments ecosystem by working with leading global financial institutions.

The move comes as UPI continues to expand beyond India and gain acceptance in international markets. By adding real-time FX conversion and settlement capabilities, NPCI aims to make global UPI payments more reliable, transparent, and accessible for Indian consumers and overseas merchants.

NPCI is the umbrella organisation for retail payments and settlement systems in India. It was established by the Reserve Bank of India and the Indian Banks’ Association and operates as a not-for-profit company responsible for building and managing key payment infrastructure for India’s banking ecosystem.