Thanks to social media and other technologies, each of us now has access to a global community of individuals that we may have personal connections to. It is a lot easier to be friends with someone halfway around the world now than it ever was before. Still, for whatever reason, it remains difficult to transfer money from one part of the world to another seamlessly. With the latest announcement that Western Union has partnered with PSI-Pay, that is beginning to change.
PSI-Pay has existed to help customers store their funds in various currencies in accounts that may be withdrawn from at virtually any ATM in the world. Since there are some services that may only be purchased in cash, it is to the benefit of any global citizen to have that option.
Western Union brought something to the table in this partnership as well. Namely, the company has locations all around the globe. It is no big deal to them at all to help customers transfer money from one location to another. They do it all the time. They wanted to combine their network of global locations with the flexibility of PSI-Pay to make the global financial system that much stronger.
— PSI-Pay (@PSIPayLtd) August 10, 2015
The statistics point to this being a strong partnership for both. In 2017, it was estimated that Western Union was a party to thirty-two transactions per second around the world. Their customers transferred roughly $300 billion during that time period. Most of the transactions are small, but they are highly significant for the people who send or receive them.
Western Union has been around for more than one-hundred years while PSI Pay is a much newer brand. Still, combining the old with the new has produced some excellent results in this particular area of finance. Customers are pleased to have more flexibility in the way that they send and spend money, and the two companies are happy to continue to add to their bases of customers from which to build upon. The blossoming partnership between these two companies helps each stand out and earn more.