If you have been keeping with the state of various payment processors, then you may have heard the news about Western Union and PSI Pay brand account users. The tow has teamed up to create a more efficient system for international money transfers. Cross-border transactions will now be much easier with PSI Pay, which will help to connect the money of more than 150 nations.
Making instant, international transfers is a whole lot easier for Western Union customers now thanks to PSI Pay. This technology will certainly have a positive impact on the ability of money to flow between countries, and it remains to be seen how big of a difference this partnership will make.
PSI Pay and Western Union will both see their portfolios be improved with the new partnership. EcoPayz will provide significant access to the users in this continually evolving ecosystem, which is sure to benefit organizations as well.
— PSI-Pay (@PSIPayLtd) February 10, 2016
In 2017 alone over 100 countries have sent hundreds of billions of dollars through Western Union’s services, so its experience is sure to come in helpful when it comes to international transactions. PSI Pay has a license from the United Kingdom, and its debt service is authorized to handle transactions online.
E-money is used online, however, it is actually quite different from cryptocurrency. The difference is that e-money is centralized, and it is regulated strictly by the global payment industry. E-money is directly related to the fiat currencies that different countries use. Dozens of different currencies and nations are supported by PSI-Pay, which makes it quite an attractive option for moving money across borders.
PSI Pay and Western Union making this merger is a great thing for the global market, which is heavily dependent upon an integration of different currencies and connection between different countries. The speed of international payment procession will certainly see a boost with PSI Pay in the picture, and many businesses will benefit from having a more convenient option.