Western Union has been a fixture in money transfers since the 1800s. At a time when the old west was new, Western Union was the quickest way for families to send money to their pioneering relatives. Western Union has in many ways been a pioneer in its own right. Whether it was launching satellites to obtain global reach or revolutionizing the news cycle through the wire transfer of photographs, Western Union has led the charge. Regardless of the efficiency of money transfers, customers still had to wait to access their funds until the financial institutions involved processed the order.
Cut to 2007, PSI Pay comes onto the scene as a Visa and MasterCard member. PSI-Pay customers are able to transfer money and make payments anywhere Visa or MasterCard is accepted. Customers are also able to utilize local banks around the world that have partnered with PSI Pay. In an ever-expanding global market, foreign travel is becoming more and more prevalent for both business and leisure.
— PSI-Pay (@PSIPayLtd) August 10, 2015
Foreign travel comes with its own financial complications. Travelers have their cards disabled after forgetting to notify their bank of their travel plans or are unable to withdraw cash from their account for lack of a nearby bank branch. Now people can access their money across the globe using ecoPayz, an online wallet agent. EcoPayz is a result of the recent partnership between PSI-Pay and Western Union. Customers using ecoPayz will now be able to not only transfer money but also move it from account to account with an online banking option. EcoPayz customers traveling abroad will be able to simply access their money by utilizing one of the many PSI Pay partnered banks across the globe. As mobile banking increases in popularity, so will financial institutions like ecoPayz. 45% of people already utilize mobile banking options, and that number is only going to go up.