NPCI Teams Up with HSBC India and JP Morgan for Real-Time Forex Settlement

The National Payments Corporation of India (NPCI) has announced a strategic partnership with HSBC India and JP Morgan Payments to facilitate real-time foreign exchange (Fx) settlement for cross-border Unified Payments Interface (UPI) transactions.  

This collaboration aims to enhance the ease of international UPI payments for Indians travelling abroad as per The Business Standard news report. 

Real-Time Forex Rates for Cross-Border UPI Payments 

Through this partnership, HSBC India and JP Morgan Payments will provide real-time forex rates via direct API integration. This will allow users to view the exact INR amount payable at the point of transaction, ensuring transparency and accuracy in cross-border payments. 

The solution is designed to enable international merchants and financial institutions to receive funds in their local currencies, simplifying the end-to-end settlement process. UPI is currently operational in several global markets, including Singapore, the UAE, Nepal, Bhutan, Mauritius, France, Sri Lanka, Cambodia, and Qatar. 

Expanding UPI's Global Reach 

NPCI is actively working to expand UPI's footprint to additional countries such as Japan, Maldives, and Greece through its subsidiary, NPCI International. This expansion is part of NPCI's efforts to make UPI a global payment solution. 

Read More: UPI Processes 22.72 billion Transactions Worth ₹28.92 Lakh Crore in June; Volume Down 2.1% MoM! 

International UPI Transaction Growth 

In FY26, the international transaction volume of UPI surpassed 1 million for the first time. The volume nearly doubled to 1.48 million in FY26 (as of December 2025) from 0.75 million in FY25. In terms of value, UPI transactions recorded ₹330.43 crore in FY26 compared to ₹258.53 crore in FY25. In FY24, the transaction volume was 37,060 with a value of ₹19.7 crore. 

Conclusion 

The partnership between NPCI, HSBC India, and JP Morgan Payments aims to streamline cross-border UPI payments by providing real-time forex rates. UPI's international transaction volume reached 1.48 million in FY26, with a value of ₹330.43 crore. 

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