With the recent merging, customers can be sent Western Union dollars in the U.K. Western Union has connected to the EcoPayz platform to be able to do this. This will be Western Union’s first U.K. online wallet. Customers can use the Western Union mobile app, which is available in many countries. This partnership will allow individuals to send money with the application. Both brands are excited about the partnership. Western Union helps people and businesses send and receive money. They have many retail locations all across the world and want to provide convenience for its customers or businesses. Western Union has expanded to more than 40 countries in the world and continues to make money with over $300 billion moved. It supports economic growth, and overall, helps businesses and individuals to send money and receive it, while PSI-Pay is an e-money institution regulated by the U.K. The brand is a member of Visa and Mastercard across the world and can issue payments. As stated before, PSI-Pay is regulated by the FCA and can use Visa and Mastercard. It is a leader for payment to many companies or businesses across the world.
A video on YouTube at the top of their blog reads the difference between E-Money and Cryptocurrency. Bitcoin has been able to change the game by making people money by investing it into the system both locally and globally. The video acknowledges that Cryptocurrencies is not E-Money. E-money depends on government regulation, while Bitcoin and other cryptocurrencies are not on central regulation. Bitcoins value is by supply and demand while E-Money is on fiat currency exchanged electronically. The video explains later that PSI-Pay is reliable for payments to companies and is regulated. It explains that it is secure and is available worldwide. They pride themselves on Transparency, Efficiency, and Clarity. Customers are able to withdraw and deposit money in 44 countries across 173 countries.