Payment aggregators such as Razorpay, PayU, and Cashfree are increasingly targeting the cross-border payments market as a new growth frontier. With Razorpay reporting a 700% growth in this segment, these companies aim to capture market share from traditional banks, which have historically dominated cross-border transactions. The Reserve Bank of India (RBI) has issued new guidelines to banks to modernize their payment networks, further intensifying competition. Startups like PayGlocal, Skydo, and Xflow, which focus exclusively on cross-border payments, are facing challenges due to the aggressive strategies of larger players. Industry experts note that while the Indian export-import market is expanding, the presence of over 30 licensed payment aggregators in this space is creating a cluttered environment. Additionally, there is a growing demand from Indians living abroad for payment solutions that facilitate transactions back home, such as ordering groceries or booking travel for family. As the market evolves, the focus is shifting towards compliance, uptime, and customized services, with larger firms often preferred for their dedicated offerings.