The Partnership of PSI-Pay and Western Union for Convenient Money Transfers
The rise of smartphones made it possible for everyone to access their banking accounts on their mobile devices, and according to statistics, the percentage of people actively using their online banking platforms are now at 45%. These continuous changes in how the society deals with their banking accounts are evident in the number of people visiting actual banks for transactions – the numbers have been dwindling for years, while mobile banking keeps on increasing. Western Union realized that the future of banking lies in the public’s mobile devices, and they decided to establish a partnership with PSI-Pay to create an advanced form of payment.
Western Union, established in 1851, has been one of the most influential financial services in the United States, and in the modern times, they are one of the leading companies offering money transfer services anywhere in the planet. The company was known for their wire transfer services, but it becomes more outdated as new forms of high tech money transfer services are introduced. PayPal and other similar companies could transfer money in an instant, and this is the direction that Western Union wanted to follow. Through the years, the company did its best to cope with the changing technology, and in the 21st century, they had to partner with PSI-Pay to shake up the industry. The partnership between Western Union and PSI-Pay would allow their clients to access their money anytime and anywhere, taking convenience to a whole new level.
— PSI-Pay (@PSIPayLtd) February 10, 2016
Western Union has studied how the system works for years, and they realized that PSI-Pay is the only company that could help them realize their goals. What the company wanted to do is to allow an easier way for people to get their money, and instantly give it to anyone they prefer by utilizing online banking systems and other related systems being used today. This partnership between the two financial giant would also provide Western Union a special place in the industry as one of the first to innovate the money transfer services. The partnership is expected to grow further as more people are becoming dependent on instant money transfer services. Western Union reported that in 2017 alone, they had transferred $300 billion worth of money.