Indian users making UPI payments abroad will soon be able to view the exact rupee cost of each transaction before confirming it. Business Standard reports that this change follows two agreements signed by the National Payments Corporation of India (NPCI) with HSBC India and JPMorgan Payments on July 1.
What do the deals do? Both partnerships aim to enable real-time foreign exchange (FX) conversion and settlement for cross-border UPI transactions. HSBC India will offer real-time foreign exchange rates through direct API integration, allowing Indian users to view the exact rupee amount payable before confirming overseas purchases. Overseas merchants and financial institutions will continue to receive payments in their local currencies.
HSBC India’s global payments network supports secure, 24/7 cross-border transactions and aims to improve the speed and efficiency of overseas UPI payments, particularly in settlement. Each bank will use its existing payments infrastructure rather than a shared system.
JPMorgan Payments, through a separate arrangement with NPCI, will integrate its FX and API capabilities with UPI’s infrastructure. This integration will enable real-time foreign exchange conversion and settlement across multiple currencies, combining UPI’s international acceptance with JPMorgan’s FX expertise to accelerate settlement in global markets.
The tie-up was announced on June 30, 2026, one day before NPCI’s statement. JPMorgan Payments already operates similar real-time cross-border FX arrangements for other clients, including travel booking platform Klook. However, the company has not specified a rollout timeline or transaction limits for the UPI-linked service.
Where does UPI now work abroad? NPCI continues to expand UPI internationally. Last month, its overseas arm, NPCI International Payments Limited (NIPL), partnered with ACLEDA Bank Plc to launch UPI acceptance in Cambodia.
Indian travellers can now make QR-based payments directly from their Indian bank accounts in Singapore, the United Arab Emirates, Nepal, Bhutan, Mauritius, France, Sri Lanka, Qatar, and Greece, eliminating the need for cash or international cards.
This expansion is part of the Indian government’s broader initiative to promote its digital public infrastructure (DPI) globally. As of February 2026, India had signed memorandums of understanding or agreements with 23 countries to cooperate on India Stack and other DPI platforms, including digital identity, digital payments, data exchange, and service delivery.
According to Union Minister of State for Electronics and Information Technology Jitin Prasada, these agreements are distinct from the countries where UPI is currently operational. The DPI agreements also cover platforms such as Aadhaar and DigiLocker, with DigiLocker cooperation agreements signed with Cuba, Kenya, the UAE, and Laos.
Why It Matters? Previously, Indian users making UPI payments overseas learned the…
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