India’s payments ecosystem has shown that financial infrastructure can operate at enormous scale. But as fintech companies expand into cross-border business payments and adopt AI, they face a different set of challenges.

At TechSparks 2026, Movin Jain, Founder of Skydo, and Srijon Biswas, Chief Technology Officer at PhonePe, discussed the technology behind large-scale payments, the need for transparency in cross-border transactions, and the opportunities emerging from AI.

The panel, titled ‘From domestic scale to global rails: The evolution of India's fintech infrastructure’, was moderated by Priya Patankar, Head of Corporate Communications at PhonePe.

Jain believes cross-border payments offer considerable opportunities because fintech adoption remains relatively low.

India exports goods and services worth approximately $850 billion annually and imports around $1 trillion worth, with both figures growing. However, less than 10% of these transactions are handled by fintech companies, according to Jain. Banks continue to manage most of these payments.

Skydo focuses on business-to-business (B2B) payments, where fintech adoption is even lower than in consumer payments. Many businesses are still learning that fintech companies can help them manage cross-border transactions.

Jain believes the immediate opportunity lies in building awareness of the category rather than competing on price.

“Spending time worrying about other fintech players and how to compete with them is not a good use of time. That time will come maybe 5–10 years down the line when all of us have a lot more penetration in the market,” he said.

For now, the priority is to show businesses how fintech companies can address payment problems they have traditionally relied on banks to solve.

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