Western Union began doing business 155 years ago as a telegram messenger company. Today, Western Union (WU) is a money transfer company. WU describes itself as a bridge between the digital and physical worlds. Last year, the company’s online transfer service www.westernunion.com handled 115,200 transactions an hour.
Covering 130 countries in 2017 total transactions conducted through WU equaled $300 billion. This year, the Western Union network consists of over half-a-million agents operating in 200 nations and territories. WU offers also offers its services under the names Vigo and Orlandi Valuta.
PSI-Pay Ltd. and Western Union have joined forces. Residents of the United Kingdom can now transfer money, make payments, and reload their digital wallets via WU using PSI Pay’s platform. A provider of secure money transfers PSI-Pay Ltd is now Western Union’s only online wallet agent operating in the UK.
Commenting on the alliance PSI Pay’s Operations Director Jonathan Amrani touted the greater flexibility the partnership with Western Union gives his company’s ecoAccount holders. He also pointed out working with WU provides PSI with an opportunity to expand its operations and customer base.
PSI-Pay started doing business in 2007 and the manner in which the company conducts its operations are overseen by the UK Financial Conduct Authority (FCA). PSI-Pay is licensed as an e-Money Institution. Their products and services are related to the issuance of payment instruments and e-money.
— PSI-Pay (@PSIPayLtd) August 24, 2015
PSI-Pay is licensed by Visa and MasterCard Worldwide to issue debit and credit cards. Working in compliance with Financial Conduct Authority regulations PSI Pay is also a MasterCard reporting agency. Authorized to operate in every nation within the European Economic Area (EEA) PSI Pay services include the issuing of the following types of contactless cards: virtual payment, prepaid, and debt.
By using wu.com or Western Union mobile app users can avail themselves of the services of WU agents in 155 countries and territories. Locally and globally billions of bank accounts can be accessed.
A report entitled “The 2017 World Retail Banking Report” states that 30% of banking customers use “non-traditional institutions” ie; Western Union and PSI Pay. The report’s information was compiled by the global consultancy, technology, and outsourcing firm Capgemini and the European Financial Management and Marketing Association.