When it comes to payment systems, it’s hard to contend with one as respected and well-known as Western Union. As a trusted institution across the planet, Western Union only teams up with other businesses that can provide the same level of service. This is why Western Union’s July 24 announcement of a partnership with PSI Pay and their subsidiary ecoPayz was exciting to many. Offering digital wallets such as the ecoAccount, ecoPayz has proven that is one step ahead of the industry. This new partnership will provide a myriad of ways in which users can send and receive money from others. With approximately one-third of the world’s population using non-traditional methods to bank and store funds, Western Union realized that it was time to reach out to those consumers and make sure that they were properly served as well.
In a statement, Western Union’s president of global money transfers praised the ecoPayz system provided by PSI Pay stating that it’s the first time people will be able to send funds through an online wallet that is not connected to a bank. Meanwhile, the operations director of PSI Pay expressed gratitude for the opportunity to serve this emerging market. The more one researches PSI Pay, the more it becomes obvious that this is the right match for Western Union. Although many people in the developing world do not have bank accounts, a lot of them do have mobile phones. Because this project was optimized for mobile phones specifically, it truly is ahead of the class.
With managing director Phil Davies at the helm, it makes sense that so many people on both teams are excited for the partnership. Davie’s track record has proven that he is excellent at managing people and creating solutions for business hurdles. With this partnership in particular, there were obviously a great deal of regulatory hurdles to clear. However, he easily rose to the challenge and recruited some of the most capable people to work with him. Cementing the partnership was a labor of love, and everyone is happy with the final result.
Western Union’s executives see this as a new beginning, a way to create a market where there wasn’t one before. Why shouldn’t customers have autonomy and the ability to send and receive money as they please? The modernity and convenience of this digital wallet is certainly a marvel to be admired. It took a lot of work to get the product to this point, which is why all parties involved are thrilled to share the fruits of their labor with the world. In this mutually beneficial arrangement, both Western Union and PSI Pay will reap the rewards. While Western Union will enjoy the advantages of bringing its product into the modern era of digital banking, PSI Pay will spark interest with all of the people visiting the extraordinary amount of Western Union locations around the world. As all great partnerships are, this one is a win-win.
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