Currently, most individuals are deeply connected to their surroundings. Technology has made it easier for them to keep in touch with their family members and friends globally. For most people, having efficient and consistent access to funds is a necessity.
As per the reports of the Federal Reserve executive summary, 45% of all phone users used mobile banking and 98% of them used text to access their account balances. Since there is a high demand for online transactions and most customers prefer it, Western Union recently decided to collaborate with PSI pay which will be one of the influential collaboration in the near future.
Western Union History
It was started in the year 1851 as a branch of Mississippi Valley Printing and Telegram Company. After its establishment, the firm was using the wire transfer services, making it one of the leading financial services in the U.S. Nowadays, wire transfer services seem to be outdated and take more time compared to other services such as Xoom and PayPal.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Changes in Technology
To keep in touch with the rapidly changing technology, Western Union had to introduce various innovations including PSI-Pay, microwave radio beam unit, and five satellite technologies to remain competitive. It also joined the online community in early 2000 provide the best, quick and secure financial transactions.
Addressing Long-Standing Challenges
As completion increased, the firm needed a strategy to remain active. Phone, PSI Pay and online transfers provided stiff competition to the Western Union. These services provided money transfer options to their customers from the comfort of their offices and homes. This was a clear indication that Western Union had serious competition and it had to address the issue by utilizing the services of PSI Pays which will be under its brand, ecoPayz.
Bridging the Pre-Existing Gaps
Western Union’s partnership with the PSI Pay will provide a comprehensive money transfer for its clients. Any individual with a PSI Pay account will utilize the banks across the world. The account owner will be able to withdraw cash, send, and make use of the banking services irrespective of their location in the world.