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Yahoo! to shutter PayDirect

25 October 2004  |  5782 views  |  0 online purchase

Yahoo! is to shut down PayDirect, the online person-to-person funds transfer service operated in conjunction with HSBC.

Yahoo's decision to exit the business leaves the way clear for market-leader PayPal to strengthen its dominance in P2P e-mail payments. It comes a year after Citigroup shut down its C2IT service citing too few customer accounts.

"Without the large user base to support PayDirect, the business doesn't scale," a Yahoo spokesman told Reuters.

Yahoo! says it will cease transmitting funds via PayDirect with effect from 22 November. Account holders will still be able to view payment records and withdraw any pending balances until 15 February 2005. The PayDirect service and Web site will be completely discontinued three months later.
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