Over the years, money transfer (both digital and physical realities) has been partly inefficient due to lack of proper system. Fortunately, the collaboration of some of the most effective financial bodies, PSI Pay and the legendary Western Union will change the scope of money transfer. The union will change the reality of sending money (or payments) across borders.
The partnership will offer the clients with more flexibility and efficiency. Since the two platforms have (one of the best) systems, the partnership is beneficial to clients who want a faster way of making payments through different geographical locations and more specifically through different currencies. Western Union, for example, has been efficient in receiving and sending money in more than two hundred countries around the globe. It has huge connections with different banks around the world. On the other hand, PSI Pay has revolutionized how people make payments. With the two entities coming together, efficiency is not a farfetched notion.
The partnership between the two large entities gives the users undisputable assurance of security. One of the major concerns in the money transfer is determined how safe a specific system is to others. Fortunately, transferring money from Western Union to PSI Pay is not only efficient but also reliable. Western Union has a record of security, and this paints the perfect picture of how safe the typical system user is under this partnership.
— PSI-Pay (@PSIPayLtd) August 24, 2015
The partnership between the two institutions is timely due to the following reason. According to different researches in the past years, there is a relatively higher number of clients (over 29%) relying on the services of institutions such as PSI-Pay. Bringing the efficiency and the capacity of Western Union to PSI Pay brings an excellent (and disruptive) advancement to the 29% retail world.
Traditionally, Western Union only engages banks around the world in transactions and sending money. The partnership with PSI Pay not only gives the money world a new direction but also shows the trust Western Union has in innovative institutions such as PSI Pay.
The mode of operation in this partnership is heavily dependent on e-money. With the popularity of cryptocurrency, e-money should not be termed as the same. There are many reasons why e-money is different from cryptocurrency. The relevant UK financial authority regulates the PSI Pay system of payment. This regulation protects the typical client from the unpredictability of the cryptocurrency. E-money is also one of the safest modes of transferring payments around the globe.