Sending money both at home and abroad can have its challenges. New innovations are tackling those problems.

• Fraud is a significant worry for SMEs when sending and receiving money, particularly internationally.

• Different countries have varying rules and requirements when making an international payment.
• Mastercard is innovating in the cross-border payments space to tackle fraud in an increasingly borderless digital economy.

There is now a plethora of new ways to send and receive money both domestically and internationally, enabled by exciting and innovative developments in payments technology.

Such transactions are the "crucial support" that keeps the global economy moving, said Rasika Raina, Mastercard's senior vice president of Strategy and Solutioning. That role in the global economy is only expected to grow. Global remittances reached $794 billion in 2022, with the figure expected to reach $810 billion this year.