Currently, it can be a real pain to move your money across national borders into a different currency. PSI-Pay is a United Kingdom firm that enables people to do so in a seamless fashion. They are now bringing their technology to America’s Western Union as these two companies have formed a partnership. Through this partnership, people will be able to move their money around to their various accounts no matter where they happen to be in the world and transfer funds to other people as well.
Western Union is a very old company having been established in 1851. They started offering wire transfer services two decades later which was a very popular way to move money up until around 20 years ago. Nowadays people need and expect something faster than that service which can take six days to complete a financial transaction. PSI-Pay offers ecoPayz which is a digital wallet. People can go to any Western Union office in the world and get access to their money. Additionally, PSI-Pay customers can go to any bank this company has partnered with to access their personal funds. This is all convenient, accessible, and secure.
— PSI-Pay (@PSIPayLtd) August 24, 2015
Right now using PSI-Pay to transfer money to another person can only be done in the United Kingdom. They plan to introduce this service around the world, though, especially as around 33 percent of people in the world are now using nontraditional platforms to address what they need out of a bank. When people use PSI-Pay for this the transaction takes just minutes, not days. Western Union saw this and decided to arrange a partnership so that they could both meet their global networking goals.
PSI-Pay offers other financial services as well through their ecoPayz platform. One example of this is that they offer prepaid cards which can be used in place of a checking or savings account. These prepaid cards can be used at millions of ATMs around the globe. You can also make a deposit to your account no matter where you are. The payment cards PSI-Pay offers can be used wherever Mastercard or Visa are accepted.