Western Union offers financial services like sending money, receiving it, paying bills, offering money orders, and providing consumers with prepaid debit cards – known as Western Union Net Spend Prepaid Mastercards – all of which are offered in more than 200 countries and are supported by 130-odd currencies. Legally known as The Western Union Company, Western Union joined corporate hands with PSI Pay’s online wallet network on July 24, 2018, to facilitate the offering of Western Union’s full line of financial services.
That same day, Western Union published a press release from its United States headquarters in Englewood, Colorado – PSI Pay did the same thing from London, England, the United Kingdom – that laid out the details of the partnership between The Western Union Company and PSI Pay.
ecoPayz is the overarching umbrella under which ecoAccount digital wallets are operated; consumers in the United Kingdom are now provided with the ability to use the full line of financial services offered by Western Union through the power of e-money – also known as electronic money.
— PSI-Pay (@PSIPayLtd) February 10, 2016
Electronic money – it’s most frequently referred to as e-money – is the recognition of credit balances in digital accounts and wallets by those wallets’ and accounts’ owners and operators. Fiat currency – this type of currency is the most popular around the planet; fiat currency is defined as a currency that is mandated, regulated, and issued by national governments but not secured by gold, corn, wheat, platinum, silver, or other commodities – is most often thought of as paper money. E-money service providers like Western Union either directly or indirectly accept physical money from consumers and credit their accounts or wallets as having certain balances. In other words, electronic money isn’t anything more than a digital representation of how much money someone has given to a financial services provider like PSI Pay or Western Union.
ecoPayz customers who are based in the United Kingdom can now fill their accounts through the official Western Union mobile application; online at the official website of Western Union, wu.com; or at retail stores that are part of Western Union’s Agent network. Likewise, consumers in the United Kingdom can also send money to others through these three channels.
PSI-Pay officially became the first partner of Western Union to provide consumers in the United Kingdom with online wallets to manage their account balances in line with the company’s Agent platform.