The platform is also seeing a growing number of large-ticket transactions as live and transparent pricing enables customers to compare available rates and make meaningful savings on forex transactions.
FinTech BizNews Service
Mumbai, 28 August, 2026: NPCI Bharat BillPay Limited (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), announced a new milestone with forex transactions via Bharat Connect surpassing INR 100 million in value between April to July 2026. The forex category was launched at the Global Fintech Fest (GFF) 2025 by the Deputy Governor of the Reserve Bank of India (RBI).
The offering integrates NBBL’s Bharat Connect platform with FX-Retail, developed by the Clearing Corporation of India Ltd. (CCIL), to provide customers with transparent and competitive forex pricing through an interoperable digital ecosystem.
The category has seen robust growth since its launch. In FY 2025–26, Bharat Connect processed forex transactions worth INR 27.06 million. In just the first four months of FY 2026–27, the platform processed transactions worth INR 111.91 million, taking the cumulative value of transactions to INR 138.97 million.
Traditionally, forex purchases involve limited price visibility, dependence on specific banking or authorised dealer channels, and offline or fragmented processes. This lack of transparency made it difficult for customers to compare rates and understand the total cost of a transaction. Bharat Connect addresses these challenges through an interoperable digital marketplace for forex services, supported by regulated banking partners. The platform is also seeing a growing number of large-ticket transactions as live and transparent pricing enables customers to compare available rates and make meaningful savings on forex transactions.
The ecosystem today brings together leading banks and customer-facing platforms. On the fulfilment side, participating billers include Axis Bank, Bank of Baroda, Federal Bank, HDFC Bank, ICICI Bank, Punjab National Bank, State Bank of India and YES Bank. Customer-facing platforms include BHIM, Bank of Baroda, CRED, Federal Bank, MobiKwik, Punjab National Bank and State Bank of India, expanding the avenues through which customers can access forex services digitally.
With RBI’s guidance and CCIL’s FX-Retail underpinning transparent price discovery, Bharat Connect is helping modernise forex purchases through an open, interoperable, and market-linked ecosystem. By bringing regulated forex providers and digital platforms onto a common infrastructure, the initiative is giving customers greater access, choice, and convenience.
