Electronic money (e-money) is an electronic storage of monetary value that used for making transactions through electronic systems. The value of e-money is backed by fiat currency and can be exchanged into physical form. However, it is most efficient when used electronically. E-money can be used in the purchase of both hardware-based products and software-based products. E-money has gained much popularity due to its efficiency and security measures that are accompanied with it while making transactions. This currency can be stored in various accounts which include banks and digital wallets such as PayPal, square or even prepaid cards.
PSI pay is UK based banking alternative company, founded in 2007, to help businesses manage their financial affairs. The company offers payment solutions and is licensed to issue prepaid cards, debit card, and other electronic payment regulated products. The company’s services are available in more than 173 countries and handle more than 44 currencies. Since the year 2014, the company has been able to offer Master card services through the European Union.
— PSI-Pay (@PSIPayLtd) February 10, 2016
PSI-pay has partnered with many global businesses like Western Union. The partnership gave a platform for even more customers to join the fast-growing PSI-pay and hence expanding its territories to many other countries. Western Union is a leader in cross-currency money transfers globally and offers an online platform where their customers can easily exchange goods and services. With over 500,00 agent locations worldwide in over 200 countries, the western union has gained much popularity due to their efficiency and security measures that they offer, governing sending and receiving of money. The company has been able to move over 300 billion dollars through currency exchanges giving it an upper hand as one of the leading companies that offer financial exchange solutions to businesses worldwide.
The Partnership between PSI-pay and Western Union added another tip to the financial industry. This is because the two companies have been able to blend their services to offer improved financial solutions to their customers. The partnership has facilitated the integration of both families, friends, and businesses across the globe and therefore enhancing efficiency and reliability of even the online businesses.