The National Payments Corporation of India (NPCI) announced separate partnerships with HSBC India and JP Morgan Payments on Wednesday to enhance international UPI transaction capabilities. According to reports from CNBC TV18, The Economic Times, and Business Standard, these collaborations aim to simplify how Indians pay through UPI while travelling abroad, introducing real-time foreign exchange conversion and settlement for international UPI transactions. An NPCI spokesperson emphasized that the collaboration with HSBC India represents an important step toward enabling efficient forex conversion and real-time settlement for cross-border transactions, delivering transparent payment experiences for users. The partnerships are part of NPCI's efforts to strengthen India's digital payment infrastructure by working with global financial institutions and making international digital payments more efficient and accessible.
Under the HSBC India partnership, the bank will provide real-time foreign exchange rates through direct API integration. As reported by CNBC TV18, The Economic Times, and Business Standard, this means Indian users making purchases overseas will be able to see the exact amount payable in Indian rupees before confirming a transaction, instead of learning the converted amount later. The system will also enable international merchants and financial institutions to receive payments in their local currencies while simplifying the settlement process. HSBC India's global payments capabilities and international banking network will support secure, 24x7 cross-border payments through API-enabled infrastructure. An NPCI spokesperson noted that this partnership will further enhance the convenience of international payments while supporting the growing global acceptance of India's digital public infrastructure.
In a separate collaboration, JP Morgan Payments will support real-time foreign exchange conversion and settlement across multiple currencies. According to media reports citing NPCI, the partnership combines UPI's growing international acceptance with JP Morgan's foreign exchange capabilities to simplify international digital payments and improve settlement efficiency across global markets. "This collaboration reduces friction in cross-border payments and connects clients to UPI's expanding reach, while pairing it with our real-time FX capabilities and API-based integration," said Guhaprasath Rajagopal, Head of India Payments at JP Morgan Payments. The arrangement enables end-to-end foreign exchange conversion and real-time settlement across multiple currencies, making overseas UPI transactions faster and more transparent. JP Morgan's focus remains on helping clients deliver better customer experiences with greater transparency, scale and control across currencies and corridors.
The announcement comes as NPCI continues to expand UPI's international footprint. As reported by CNBC TV18, The Economic Times, and Business Standard, UPI is currently available in nine countries - Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar and Cambodia. Indian travellers can make QR code-based payments directly from their Indian bank accounts in Indian Rupees (INR) without relying solely on cash or international cards. These developments allow Indian travellers to make payments directly from their Indian bank accounts without converting currencies, providing a seamless experience for international transactions. NPCI's international arm, NPCI International Payments Limited (NIPL), is expanding its footprint to countries such as Japan, the Maldives and Greece through its wholly owned subsidiary, demonstrating the system's growing global acceptance.
The partnerships come as UPI achieves unprecedented international transaction volumes. According to Business Standard, international UPI transaction volume crossed the one million mark for the first time in FY26, with volumes nearly doubling to 1.48 million in FY26 (as of December 2025) from 0.75 million in FY25. In value terms, UPI transactions totalled ₹330.43 crore in FY26 compared with ₹258.53 crore in FY25. This represents a dramatic increase from FY24, which recorded just 37,060 transactions worth ₹19.7 crore. The growth trajectory demonstrates the increasing adoption of UPI for international payments and the effectiveness of NPCI's global expansion strategy through partnerships with major financial institutions.
