Western Union has always been known for a company that is used to transfer money from one end of the world to another. It was found in 1851 by Ezra Cornell. And for the 167 years that it has been in existence, Western Union has evolved, kept up, and changed with our advancing times. It has garnered a lot of new ways for its customers to transfer money. Recently, this American financial service company has a new feature. PSI-Pay Western Union refers to a system that can be used to transfer funds from the United Kingdom. This is usually used by UK Western Union customers. PSI-Pay provides ecoPayz products. This enables customers to use the Western Union mobile app on their iPhones to send funds from their ecoAccounts and into their bank accounts internationally. With this amazing retail Agent network of Western Union, funds can be sent throughout 150 countries and networks. Because of this, Western Union is able to combine the entire digital financial ecosystem.
— PSI-Pay (@PSIPayLtd) August 24, 2015
The article in Medium.com which is titled, Western Union Partners with PSI-Pay for Seamless Cross-Currency Transfers, goes over how this new feature is benefitting Western Union. And of course, it’s great for customers as well because they’re finding this very convenient. Forty percent of iPhone users use mobile banking and 98 percent of those users text to their banks to check the balance of their accounts. This was reported by the Federal Reserve’s executive document in 2016. Instead of taking the time to physically travel to any bank, customers are choosing to complete their transactions online to save time. Stiff competition is probably why Western Union teamed up with PSI Pay. By utilizing this, Western Union has shaken the industry and created a unique platform that no one has seen before. With the help of PSI Pays, Western Union is using its own brand, ecoPayz to bridge easy access, convenience, and good security. Western Union plans to make PSI Pay for ALL its customers. And doing this will surely put the company on the map.