UPI to show real-time rupee cost for overseas payments
Indian users making UPI payments abroad will soon see the exact rupee cost before confirming transactions. NPCI's new partnerships with HSBC and JPMorgan enable real-time foreign exchange conversion.
The National Payments Corporation of India (NPCI) is set to enhance the user experience for cross-border UPI transactions by enabling real-time display of the rupee cost. Following agreements with HSBC India and JPMorgan Payments signed on July 1, Indian users will view the precise rupee amount charged before authorizing overseas payments.
These partnerships aim to facilitate real-time foreign exchange (FX) conversion and settlement for international UPI payments. HSBC India will integrate its FX rates via API, allowing transparency for users before transaction confirmation. Merchants abroad will continue to receive payments in their local currencies, while benefiting from faster settlement facilitated by HSBC's and JPMorgan's payment infrastructures.
JPMorgan Payments' integration with UPI's infrastructure will leverage its FX capabilities to accelerate global settlement. This move aligns UPI's user experience with that of international card networks, which typically show upfront conversion rates. JPMorgan has prior experience with similar real-time FX arrangements for clients like Klook.
NPCI continues to expand UPI's international footprint, with recent partnerships enabling acceptance in countries such as Singapore, the UAE, and France. This expansion is part of India's broader initiative to promote its digital public infrastructure (DPI) globally, fostering cooperation on digital payments and identity platforms with numerous nations.