Most people associate currency with cold, hard cash; this type of money is called fiat currency, a type of money that is authorized, distributed, and created issued by governments but isn’t backed up by commodities like gold, silver, and corn.
However, as the use of electronics becomes more widespread and relied upon for regular business and personal tasks, electronic money – also known as e-money – becomes increasingly popular. E-money is simply currency – standardized units that society has come to agree upon the assumption that it can be exchanged for anything and represent a store of value – that is loaded on digital accounts and wallets.
For example, Western Union’s new partnership with PSI Pay that provides ecoAccount holders who are based in the United Kingdom the ability to transfer money throughout the United Kingdom and the world at large inherently values e-money. Consumers who hold ecoAccount digital wallets can now transfer currency to people in more than 150 countries and territories across the globe through their mobile phones, via traditional retail locations that are connected to Western Union’s Agent network, and elsewhere. Individuals and businesses – both of them – take advantage of the new partnership that was inked on July 24, 2018.
About PSI Pay
PSI Pay was founded in 2007 as an alternative to traditional financial institutions in the United Kingdom. The company offers a full line of payment processing services, one of the most popular of which is its digital wallet system; ecoAccount online wallets are a part of the ecoPayz line of places to store money electronically.
The company issues prepaid and traditional debit cards in nearly 175 countries, collectively supporting transactions in a total of 44 of the world’s most popular currencies.
— PSI-Pay (@PSIPayLtd) February 10, 2016
About Western Union
Western Union, legally known as The Western Union Company, was founded in 1851 by Ezra Cornell, a co-founder of the legendary Cornell University. Headquartered in Meridian, Colorado, Western Union commanded revenue of $5.5 billion for the most recent fiscal year under the leadership of president and chief executive officer Hikmet Ersek and chairman Jack M. Greenberg.
The Western Union Company is the world’s largest provider of money transfers and operates in more than 150 countries. It originally was founded as the New York and Mississippi Valley Printing Telegraph Company and pioneered countless technologies and trades, including leading the world of telegraph transfers and creating the world’s first stock ticker.