Only recently – at least in terms of human history, rather than an average human’s lifespan – have people been able to transfer money to one another without physically visiting a bank and using them as an escrow service or simply exchanging money in person without a bank. Thanks to the advent of electronic money and the various technologies that make it possible for consumers to use e-money – most people simply don’t refer to electronic money by ts long form; rather, they use the term e-money – people can upload money to various accounts through their smartphones and computers, send money to other people, pay businesses for products and services, and virtually any other use imaginable.
Western Union is – by far – the most popular name in wire transfers. The company, legally known as The Western Union Company, sends countless trillions of dollars around the world on an annual basis. PSI Pay is another popular financial services provider that operates on the consumer level, as opposed to the commercial level, though it isn’t as nearly as large as Western Union.
Last month – on July 24, 2018 – Western Union and PSI Pay jointly announced that they had agreed on an integration between Western Union’s well-established international platform and that of ecoPayz, a payment solutions provider owned and operated by PSI Pay.
The collaboration between the two financial services providers provided to consumers in the United Kingdom a digital means of using Western Union’s services for the very first time. Although the United Kingdom is one of the world’s most developed countries, demand was never strong enough throughout the island nation to justify a collaboration on the sheer scale of the aforementioned one on behalf of Western Union and PSI Pay.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Consumers in the United Kingdom are now able to send money throughout the United Kingdom and internationally to any and all countries that are home to members of Western Union’s Agent network.
Another important capability that United Kingdom-based consumers have now is being able to top up their ecoAccount digital wallets. Before this merger was finalized and kicked into action just short of a month ago, Western Union had no link to digital wallets like those that PSI Pay supports and operates.
Consumers can top off their ecoPayz accounts using Western Union’s app, the company’s website, or in person at Agent network members.