Western Union has partnered with ecoPayz and their online payment platform. Customers with ecoPayz online wallets can now transfer money from Western Union into their account. EcoPayz products are accessible through PSI-Pay Ltd., a global online money transferring expert. Besides banks, Western Union’s Partnership with PSI-Pay is the first Western Union has had with a firm in the UK that offers online wallets and money transferring capabilities.
PSI-Pay not only offers these benefits, but they are insured by the UK’s Financial Conduct Authority (FCA) and they are a safe and secure way for businesses and individuals to send e-money, paper instruments, and similar products and services across the globe. E-money is not the same as cryptocurrencies, like Bitcoin. E-money is regulated and equal to the amount of Fiat currency exchanged in electronic form, whereas cryptocurrencies are unregulated, and their volume is based on supply and demand.
Western Union is the world’s leader in moving many different types of money across borders worldwide. They offer assistance online, through their app, or at one of their retail stores that are located in many countries and territories. Western Union can also be used for online bill pay.
EcoPayz also greatly benefits from this union. Their customers can refill their accounts through many different options that Western Union offers including online at wu.com, through the Western Union app, or through one of their retail stores located in 150 different countries worldwide. Customers in the UK will now have the option to send money very easily to any of these 150 countries if they need to send money internationally. They can also transfer money 24 hours a day, 7 days a week, or whenever they want or need to.
Western Union and ecoPayz are working to offer more options to customers. They have been working on adding the Western Union options to the ecoPayz app so that it is available to other countries and not just the UK. This will give the customers more flexibility in their money transferring options.