The National Payments Corporation of India (NPCI) and HSBC India have announced a strategic partnership to expand India’s digital payments infrastructure globally. This partnership will bring real-time foreign exchange (FX) settlement for cross-border Unified Payments Interface (UPI) transactions.
Through the provision of real-time exchange rates and quick foreign currency conversion during abroad transactions, the partnership seeks to facilitate easier, more transparent, and more efficient international UPI payments for Indian travellers.
Users will be able to see the actual amount payable in Indian Rupees (INR) before making purchases abroad thanks to HSBC India’s realtime FX rates made possible through direct API access. Travellers will be able to make overseas payments with more confidence because to this improved transparency, which will eliminate ambiguity regarding currency rates and transaction fees.
Worldwide businesses and banks stand to gain from the program as well, thanks to faster settlements, more efficient operations, and the ability to accept payments in local currencies.
The National Payments Corporation of India (NPCI) claims that this collaboration will help boost the effectiveness of digital payments across borders and facilitate the increasing global adoption of India’s UPI system.
An official from the National Payments Corporation of India (NPCI) stated that the partnership with HSBC India represents a major milestone on the road to more streamlined cross-border payment processing, including faster currency conversion and settlement in real time.
The effort aims to make foreign transactions easier and more dependable for Indian consumers travelling overseas, which the spokesman said encourages the widespread adoption of India’s Digital Public Infrastructure (DPI).
International UPI payments will be processed faster, more reliably, and with more efficiency thanks to this solution, which is powered by HSBC India’s API-enabled infrastructure and global payments network.
At the moment, UPI is available in nine countries: Singapore, UAE, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar, and Cambodia. This means that Indian customers can utilise their INR bank accounts to make QR code-based payments.
With the support of the RBI and the Indian Banks’ Association (IBA), the National Payments Corporation of India (NPCI) runs several important retail payment systems in India, such as UPI, RuPay, IMPS, NACH, NETC, AePS, and eRUPI.
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