Due to Western Union’s money-movement functionalities and ecoPayz’ platform integration, ecoAccount online holders can use Western Union’s global retail and digital network to transfer money from the UK. PSI Pay, the first UK-based online wallet Agent for Western Union, offers ecoPayz branded products. ecoPayz customers can use the Western Union mobile app or Western Union’s retail Agent network across 150 countries and territories. UK customers can now send domestic or international money transfers into banks from their ecoAccounts. This will help Western Union integrate into the modern digital financial ecosystem. Jonathon Amrani of PSI Pay Ltd., said the company was excited to work with Wester Union and reach more people through their network. The 2017 World Retail Banking Report said non-traditional firms’ services and products are used by almost one-third of banking customers worldwide.
Western Union has 550,000 retail Agent locations in over 200 countries. It moved more than $300 billion in principal in almost 130 currencies in 2017. For every second of the day, they process 32 transactions. Western Union helps move money, connect businesses, family, and friends to promote economic growth.
PSI Pay is one of Mastercard Worldwide and Visa’s Principal Issuing Members. They issue debit, prepaid, and virtual payment cards. Bitcoin and other currencies have effected the way people make payments, but there is some confusion about the differences between cryptocurrency and e-money. Cryptocurrencies are not centrally regulated, while e-money depends on government regulation. The value of bitcoin is determined by supply and demand in the system, while e-money is determined by the exchange of fiat currency in the electronic form. Psi Pay is regulated and authorized by the UK Financial Conduct Authority, and it offers alternative payment solutions to companies. It offers secure and convenient payment services to businesses and individuals worldwide. They pride themselves on transparency, efficiency, and clarity. Psi-Pay members can deposit and withdraw funds from the local banking network in 44 currencies across 173 countries. Phil Davies, the managing director of Psi Pay, says he is keen to cross match technology solutions with effective and intelligent security and risk management tools that provide everyone with a safer environment.