NPCI partners HSBC India, JP Morgan Payments for real-time forex settlement

The partnership will enable real-time foreign exchange rates for cross-border UPI payments, allowing users to view the exact rupee amount payable at the point of transaction

Unified Payments Interface (UPI)-operator National Payments Corporation of India (NPCI) partnered with HSBC India and JP Morgan Payments to provide real-time foreign exchange (Fx) settlement for cross-border UPI transactions.  This collaboration aims to make international UPI payments more seamless for the Indians travelling overseas, it said in a statement.  

As banking partners, HSBC India and JP  Morgan Payments will provide real-time Fx rates via a direct application programming interface (API) integration, allowing customers to see the exact INR amount to be paid at a point of transaction.  

“The solution will allow international merchants and financial institutions to receive funds in their local currencies while simplifying the end-to-end settlement process,” NPCI said. UPI is live in global markets such as Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Cambodia and Qatar.  

 

It is expanding its footprint to countries such as Japan, Maldives and Greece, among other nations via NPCI International, the wholly owned subsidiary of NPCI.  

Internationally, the transaction volume of UPI crossed the one million mark for the first time in FY26. Volumes nearly doubled to 1.48 million in FY26 (as of December 2025) from 0.75 million in FY25, data showed.  

In terms of value, it recorded ₹330.43 crore in FY26 compared to ₹258.53 crore in FY25. In comparison, FY24 had recorded just 37,060 transactions with a value of ₹19.7 crore.