Founded in the middle of the 19th century, Western Union grew from a small telegraph business into one of the biggest American companies that offer financial services to the public. Their services range from wire transfer to money orders, being active on the market for over 160 years. Western Union’s dealing with money movement resulted in a dramatic growth throughout the years, in 2017 alone moving more than $300 billion in close to 130 currencies. The company is listed on the New York Stock Exchange and in 2017 they had revenues of $5.5 billion.
A global leader that deals with money transfers, both cross-currency and cross-border, Western Union’s services have many benefits. Among the list of advantages is the fact that they have almost global reach, clients being able to transfer money in over 150 territories across the globe, they have convenient payment options, and they provide their clients with the latest exchange rates.
Recently, ecoPayz integrated Western Union into their platform, thus offering their clients more options suited to their needs. ecoPayz products are offered by PSI-Pay, which is an e-Money institution in the United Kingdom. The company issues e-money, but also provides payment instruments and other services, being licensed to issue virtual payment cards. E-Money, or electronic money, is the electronic alternative to cash money. They are regulated by the government, unlike cryptocurrencies, and are equal to monetary value. They are used for online payments and transactions and can be stored on multiple devices, servers, or even cards.
— PSI-Pay (@PSIPayLtd) August 24, 2015
The collaboration between Western Union and PSI Pay allows holders of ecoAccount wallets to add funds to their online accounts using Western Union (either digitally or using their retail agents). Online wallet owners can also use Western Union to transfer money from their account, both internationally and domestically from the United Kingdom.
The new relationship between the two companies represents a big step for money transactions in the digital medium, ecoPayz planning to integrate Western Union into their mobile app as well. As a result, transfers will be made with ease from any device, as ecoPayz will have access to Western Union’s network, which offers their customers the opportunity to send money in over half a million of locations around the globe. The partnership can prove to be fruitful and bring growth to both companies, as they will be able to reach new customers with the services they now provide.