Recently, PSI Pay and Western Union reached and agreement to form an easier way for consumers to send and receive money. Currently, Western Union is in almost 180 countries. With that being said, Western Union can link businesses all over the world. If money is exchanged, it is evaluated and transferred into that country’s capital dollar. For instance, American dollars can be transferred to Euros.
Futuristically, Western Union plans to team up with PSI Pay to allow different countries to send money or receive money through a mobile app. With money being exchanged, Western Union grew globally because of how accurate their work is to consumers and businesses. Ironically, the company realizes that their services are needed throughout the world and plan to continue to expand.
— PSI-Pay (@PSIPayLtd) February 10, 2016
As far as PSI-Pay, they also use Western Union to transfer monetary value among senders and receivers. For example, PSI Pay creates a safer environment for a person that is using their own personal identity. In other words, if money is transferred through a credit card, PSI Pay is used.
Ideally, these companies enjoy allowing consumers to use contactless payments in which they can send money as often times as they want for a certain rate (2018). In turn, this is easier for students that are studying abroad to receive money, and family members that are out-of-town on business can receive money this way as well. Overall, consumers gain the convenience of using PSI Pay and Western Union no matter where they are in the world. In reality, companies will grow because of the process, and people will gain trust in banks again. In conclusion, there is no competition out there that have combined the two different ways to pay and send money. As a result of this way of banking, Western Union and PSI Pay have plans to make fees affordable to consumers forever.