Technology is rapidly developing in the world. There is widespread acceptance of new technologies. People are now able to do a lot of things through possibilities created by technological advancements. Apart from people being able to connect with one another, businesses have also leveraged this technology to create a better connection with their customers. Access to personal funds from wherever you are is now a necessity.
Customers of banking institutions want to have the opportunity to transact the money in their bank without leaving the comfort of their homes or workplaces. Online banking services offer this opportunity. Although there is hesitation when it comes to transfers, a majority of the people are using cellular phones to check their bank accounts, especially the use of apps. A bigger number use text messages to do the same. However, this number does not include some form of web banking.
— PSI-Pay (@PSIPayLtd) August 10, 2015
The trend shows that more and more people are growing tired of visiting the bank to handle transactions. They are opting to handle all transactions at home. The change in trend has seen some major players in the financial sector take positions which will adapt to the new scenario. The change has made Western Union, one of the oldest financial institutions in the United States, to partner with PSI Pay. The partnership will bring a huge impact on the financial industry. The ecoAccount online wallet holders will benefit the most from this deal. Western Union is one of the most influential financial institutions in the world currently. It has been serving Americans for the past 150 years. They have offering wire transfers for the better part of the period they have been operational.
In the fast-paced world of today, Western Union has faced competition from other companies. As a result, they have taken measures that will make them remain relevant. The process of wire transfer was becoming inconvenient as it would involve a lot of time before completing a transaction. The new deal with PSI Pay is expected to make the industry better. Western Union wants to ensure that customers can access money from whatever location they are.