Chandigarh, July 02: National Payments Corporation of India (NPCI) today 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.
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.
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 API-enabled infrastructure, supported by HSBC India’s global payments capabilities and extensive international network, will enable secure, 24×7 cross-border payments – making international UPI transactions faster, more transparent and more convenient for users and ecosystem participants across markets.
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