Technology has redesigned everyday life for most people. Technology has made handling money matters more accessible. People can access their personal funds much easier and more convenient than in previous years. Some people may have their concerns about handling personal matters like finances on the internet. However, there are no signs that suggest people’s involvement with the internet and digital financial transactions will be slowing down.
The Federal Reserve conducted a report in 2016 that revealed that many people use mobile banking. An astounding forty-five percent of cell phone users conduct money matters on their phones. Ninety-eight percent of these people check their bank account balances from their phones. Western Union is one of the first financial institutions in America. The company can thank its longevity to staying current and changing with the times. The company has partnered with PSI Pay. This collaboration will offer people with ecoAccounts to have more financial options with their accounts.
— PSI-Pay (@PSIPayLtd) February 10, 2016
This partnership between Western Union and PSI Pay will unlock so many rewards for PSI Pay users. Comprehensive payment solutions will be given to customers through this collaboration. A PSI Pay account holder will have access to many banks around the world. This will allow them to withdraw money and send money from a physical location. Both financial companies will be helping out each other through this partnership. Both companies have something to offer to the other that will ultimately enable their customers to have more financial options and benefits.
Though Western Union has been in existence since the 1800s, PSI Pay is a much younger company. This financial company was launched in 2007. Within that short time span, the company has expanded its reach and name and become a global financial brand. Visa and Mastercard have allowed PSI Pay to offer their cards out to customers in certain areas. This has aided the company is expanding its reach. It has also caused the company to gain the trust of more customers. Partnering with Western Union ultimately ties PSI Pay to a company that has been doing banking for over one hundred years.