Western Union’s latest global expansion program would see them partner with the UK based ecoAccount online wallet. The strategic partnership goes a long in cementing Western Union’s footprint in the European market that also allows individuals with the ecoAccount wallets to send and receive western union money locally or internationally seamlessly. This alliance was made possible after successful integration of western union services with PSI Pay’s partner brand that hosts the ecoAccount online wallets.
A new global payment processing network
The NYSE listed Wester Union has already carved itself a popular niche in the world of cross-border and cross-currency money movements. Bringing the PSI-Pay backed brands on board and letting them in on their money movement processes helps usher in a new payment processing player in the world of currency remittance. You should also note that this collaboration makes ecoAccount the first online wallet agency for Western Union.
Benefits of the partnership
While Western Union remains of the most popular and globally trusted currency remittance companies, it still faces challenges in accessing some global markets. According to its President, Odilon Almeida, the company has therefore resolved to make key strategic partnerships across the world in a bid to unlock new growth opportunities. Partnering with the UK based PSI pay brand is, therefore, a step in the right direction for western union.
On the other hand, the ecoAccount online wallet has set itself as one of the fastest rising currency remittance platforms in the UK and beyond. Integrating core business functions for the two companies, therefore, goes a long way in helping the two access larger market base in the country with plans underway to scale this online outfit into a global finance industry player.
— PSI-Pay (@PSIPayLtd) February 10, 2016
Moving away from the confines of the banks
The partnership is also historic as it marks the first time western union entrusts is services to a non-bank digital platform. Its president has also hinted at the possibility of empowering the mobile app to tear its UK market limitations and facilitate the transfer of money globally.
More about Western Union
Western Union remains a leader in the money transfer industry facilitating the smooth distributing of money in over 200 countries and territories. With a global network of over 550,000 retail agents, the company is able to move cash into billions of accounts globally in the least time possible. Its penetration into the digital money transfer market only serves to further broaden their global reach and effectiveness.
More about PSI Pay
PSI-Pay is a UK based e-Money company governed by that facilitates the processing of digital currencies in the country. It is also a principal issuing member of the Visa and MasterCard worldwide and is also licensed to issue debit and credit cards in the region.