Summary
NPCI has signed separate partnerships with HSBC India and J.P. Morgan Payments to enable real-time FX conversion and settlement for cross-border UPI transactions. HSBC India will provide real-time FX rates through direct API integration, allowing Indian users to view the exact rupee amount before confirming overseas purchases. J.P. Morgan Payments will integrate its FX platform and API capabilities with UPI's infrastructure for multi-currency settlement. UPI is currently available in nine countries.
Key Points
- Two separate partnerships: HSBC India (real-time FX rates via API) and J.P. Morgan Payments (FX platform + API integration)
- Users will see exact rupee cost before confirming overseas transactions — previously only known after conversion
- Overseas merchants receive payments in local currencies
- HSBC India: 24/7 cross-border payments via API-enabled infrastructure
- J.P. Morgan Payments: end-to-end FX conversion and real-time settlement across multiple currencies
- UPI available in 9 countries: Singapore, UAE, Nepal, Bhutan, Mauritius, France, Sri Lanka, Cambodia, Qatar (Greece also added)
- India has signed DPI cooperation agreements with 23 countries (distinct from live UPI markets)
- No specific FX margins or rollout timeline disclosed yet
- J.P. Morgan already operates similar real-time FX arrangements for other clients (e.g., Klook travel platform)
- Builds on NPCI International Payments Limited (NIPL) expansion efforts