Western Union has partnered with PSI Pay and the ecoPayz platform in a move that will expand its client base and provide quicker, more convenient ways to transfer money online or with a mobile device from anywhere. PSI Pay is a UK-based e-payment system that was founded in 2007. The company is a licensed issuer of MasterCard and Visa credit cards, which it allows clients to use as part of an online wallet or ecoAccount. The online wallet allows customers to send and receive money within minutes, and grants access to partner banks around the world to anyone with an ecoPayz account.
Among the main advantages of PSI Pay is its network of global partner banks, which grant travelers new freedom to handle banking even when far away from their local bank branch. For example, with the PSI Pay prepaid card option, clients can use banks and ATMs around the world without having to have a bank account or worrying about their credit card being flagged while abroad. The partnership with PSI Pay will also make it easier for Western Union customers and PSI Pay customers to transfer money across borders and between currency systems.
— PSI-Pay (@PSIPayLtd) February 10, 2016
The partnership with PSI Pay is a nod to changing consumer banking habits. More and more people are opting to use online banking and mobile banking than ever before. The ease and convenience of baking from anywhere means fewer customers are choosing to visit their local bank branches to conduct transactions. Western Union is no stranger to technological advances in the money transferring industry and indeed has remained successful by recognizing changing trends in customer habits and preemptively investing in new technologies.
Western Union was founded over 150 years ago and has been offering wire transfer services since 1871. At the time of its founding, the ability to send money by telegraph was game-changing. It meant that settlers in the American South West could receive money from the East Coast in a matter of days instead of weeks to months. They were the first company to figure out how to send photographs through the wire. And when the telegraph was becoming outdated, Western Union transitioned to radio wave transmissions. At the dawn of the internet age, Western Union sent 5 satellites to space to improve their speed and range for transmissions and began offering internet and telephone money transfer options in 2002. The new partnership with PSI Pay will allow Western Union to continue modernizing the services it offers to customers by providing new flexible e-money transfer options.