The National Payments Corporation of India (NPCI) signed agreements on July 1 with HSBC India and JPMorgan Payments to enable Indian users to view real-time rupee costs for overseas UPI transactions. This development allows users to see the exact rupee amount payable before confirming cross-border payments, enhancing transparency for international purchases via UPI, according to medianama.com.
Under the partnerships, HSBC India will provide real-time foreign exchange rates through direct API integration with UPI, allowing seamless display of rupee costs for overseas payments. Meanwhile, JPMorgan Payments will integrate its FX and API capabilities with UPI's infrastructure to enable real-time currency conversion and settlement across multiple currencies. Both banks will use their existing payment infrastructures rather than a shared system, as reported by medianama.com.
This move addresses a key challenge in cross-border digital payments by improving speed, efficiency, and transparency in foreign exchange settlements. HSBC India's global payments network supports secure, 24/7 cross-border transactions, while JPMorgan's expertise in FX markets aims to accelerate settlements. The integration marks a notable step in expanding UPI's international acceptance and usability, enhancing India's digital payment ecosystem, medianama.com explains.
The agreements were announced on June 30, 2026, and formalized on July 1, 2026. These partnerships position UPI to better serve Indian consumers making overseas payments by providing real-time FX visibility and faster settlements through HSBC and JPMorgan's global payment networks, medianama.com states.