ecoAccount wallet users can now add funds using Western Unions’ digital or retail network and can now send international or domestic money orders from the United Kingdom. This option is now available thanks to the integration of Western Union’s money-moving capabilities into the ecoPayz’ system. ecoPayz products are offered by PSI Pay, an e-money company that is regulated by the United Kingdom Financial Conduct Authority and specializes in the movement of digital money. PSI Pay has become Western Union’s first United Kingdom-based online wallet.
PSI Pay recently made a video in which they explained the difference between bitcoin and e-money. Bitcoin is an unregulated currency and the value is based on supply and demand while e-money is regulated by the government and the value is based on the fiat currency exchanged in electronic form. ecoPayz users can now increase their funds online through wu.com or the Western Union. United Kingdom users can also send domestic or international money orders from their ecoPayz accounts into various bank accounts. Western Union President, Odilon Almeida stated that Western Union is making this move in order to unlock new growth. He also went on to say that with their size and money transfer capability this integration will allow a wider range of customers to use their services regardless of cash or digital preferences. He finished off his statement by welcoming ecoPayz users to the Western Union network and saying,”This is the first time we have enabled a non-bank wallet to use our convenient cash in or out 24/7 model”. PSI Pay’s Operations Director, Johnathan Amrani said,”We are very happy to be collaborating with Western Union and introducing new services that will give users more flexibility within their ecoAccount”. He also said that by using Western Union’s network, users will have access to thousands of locations worldwide.