About The Partnership
The joining of Western Union and PSI Pay allows members to send and receive money domestically and internationally. The transfers are completed in real time and are available 24/7. Online consumers can now shop with confidence using their simple mobile app. Western Union is already a global financial institution that allows money transfers to be completed digitally and physically. Their network covers more than half a billion retail spots and have a presence in more than 200 global areas. The Western Union app is offered in just over 150 locations globally. ecoAccount is a UK based operation, ran under PSI Pay. It provides security and efficiency.
Bitcoin Vs. E-Money
E-money and Bitcoin are used worldwide, however, cryptocurrencies rely on the supply and demand of the market and do not deal with government regulations. E-money depends on the government regulations to operate. E-money is managed by the regulatory standards put in place by the government. E-money is considered a fiat currency exchanged in electronic form.
— PSI-Pay (@PSIPayLtd) August 24, 2015
PSI-Pay is a global company that has been around since 2007, providing businesses with payment solutions. The company is known for its transparency, clarity, and efficiency. It is lead by a team of industry professional who has years of experience in global banking and alternative payments. The FSA provided a licensed for PSI Pay when the company first started out, and then four years later the company got its Electronic Money Institution license and were regulated by the FCA to provide electronic money across the EU. PSI-Pay has been an issuing member of MasterCard since 2009 and in 2017 it became a member of Visa. The company can now support programs regarding various cards as well as contactless payments.
About Western Union
Western Union is a worldwide leader money movement. From businesses to individuals Western Union helps people and entities seamlessly move money across the globe. In 2017 alone, the company completed over 800 million transactions for its clients. The company strives to stay innovative in money transfers, sending through mobile, digital, and retail channels, with various convenient pay-out options for clients. Western Union understands the needs of its clients to transfer money can be because of support needs, gifts, business moves or education. The company attempts to contribute to a better world by providing a better way to move money between individuals businesses and society.