In 2018, Western Union and PSI Pay became partners, incorporating Western Union into their platform, which allows clients that hold an ecoAccount online wallet to send and receive money, both domestically as well as internationally.
Western Union started out as a small company in 1851, responsible with sending telegraphs, and expanded rapidly, being one of the first 11 American companies to be listed on the New York Stock Exchange. Currently, it is the biggest global network responsible for money transfers, allowing customers to send and receive money with ease. The company is currently present in over 200 countries and territories, and has more than 550,000 retail locations throughout the world, having moved more than $300 billion in 2017. With 32 transactions every second, Western Union has a global reach, being a worldwide financial institution that supports economic growth with the help of its 167 years of experience in the business.
PSI-Pay is an e-money institution, being licensed to issue virtual payment cards, and provides payment services to their customers, that are instant and secure. E-Money, while similar to cryptocurriences and often confused with being one, does not have the same characteristics as Bitcoin, making it a different form of currency. As opposed to Bitcoin, E-Money relies on central regulations set by the government in order to operate and is equal to the amount of fiat currency exchanged in electronic form.
— PSI-Pay (@PSIPayLtd) August 10, 2015
The services offered by ecoAccount, which operates under PSI-Pay, are available non-stop, and the unique partnership with Western Union will offer customers more options suited to their needs. Clients will be able to add funds to their online wallet using Western Union’s website, their mobile app, or by going to their retail agents. Additionally, customers in the United Kingdom now have the option to send money directly from their ecoAccounts into bank accounts or for cash payouts, both domestically and internationally.
The connection between Western Union and PSI Pay unlocks new growth opportunities for both companies and offers its clients new ways to transfer money in the digital age. The Western Union President, Odilon Almeida noted that the link between them and ecoPayz marks the first time they have enabled access of a UK non-bank online wallet provider to their unique model of 24/7 money transfer. At the same time, the Operations Director at PSI Pay mentioned that the partnership provides them with a platform to grow and to reach new customers.