New Delhi, July 1: In a significant move to simplify international digital payments for Indian travelers, the National Payments Corporation of India (NPCI) announced a strategic partnership with HSBC India on Wednesday. This collaboration will enable real-time foreign exchange (forex) settlement for cross-border Unified Payments Interface (UPI) transactions.
Under this partnership, HSBC India will provide real-time forex rates through direct API integration. This means that customers will be able to see the exact amount they need to pay in Indian Rupees (INR) at the time of making purchases abroad.
According to NPCI, this initiative aims to make international UPI payments more transparent and faster. Merchants and financial institutions overseas will be able to receive payments in their local currencies, allowing Indian customers to benefit from accurate exchange rates.
The partnership is expected to enhance the efficiency of the cross-border payment system and accelerate the adoption of India’s digital payment ecosystem worldwide.
A spokesperson from NPCI stated that this collaboration with HSBC is a crucial step towards providing effective foreign currency conversion and real-time settlement for cross-border payments.
They emphasized that customers will experience a more transparent payment process, making international transactions more convenient than ever. Additionally, this partnership will help elevate India’s digital public infrastructure on a global scale.
Supported by HSBC India’s global payment network and international capabilities, this API-based system will ensure secure and swift cross-border payments around the clock. As a result, international UPI transactions will become faster, simpler, and more reliable than before.
Currently, the Indian UPI service is available in nine countries, including Singapore, the United Arab Emirates (UAE), Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar, and Cambodia. In these countries, Indian customers can directly pay in rupees by scanning QR codes linked to their domestic bank accounts.
NPCI is the leading institution for retail digital payment systems in India. It has developed several significant digital payment services, including UPI, RuPay, IMPS, NACH, NETC, AEPS, and e-RUPI. The organization operates under the guidance of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).
Leave a Comment