Razorpay, Cashfree, PayGlocal, and new entrants rush for RBI’s PA-CB licence to tap into lucrative B2B cross-border payments market. Fintechs eye big share of $250B SME exports, focusing on high margins and expanding services. The industry estimates fintechs currently process approximately $10 billion of transactions, part of over $250 billion of exports by India’s small and medium businesses.