tee.rex

Yahoo launches Internet money transfer service

WASHINGTON -- Internet giant Yahoo on Monday launched an online
payment service allowing users to send money to family and friends in
182 countries.

The service, called Yahoo PayDirect International, 'revolutionises
current Internet person-to-person payment methods', said Mr ****son
Chu, general manager of Yahoo PayDirect.

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'Foreign born nationals living and working in the United States that
need to send money home can make their money go even farther, with
rates well below many other money transfer methods.'

The new venture puts Yahoo head-to-head with money transfer firms like
Western Union.

The new service will allow users to obtain cash through some 800,000
automatic teller machines (ATMs) around the world through the Cirrus
network.

After a sender makes an initial remittance, most likely over the Web,
a PayDirect card is sent to the recipient to allow withdrawal in local
currency.

Instead of using the card, recipients can also collect funds at any of
the 60,000 MoneyGram international money transfer locations worldwide.

The service is slightly different from eBay's payment business called
PayPal, which can be used to send money overseas by e-mail, but is
primarily used to facilitate trades done on eBay's auction
marketplace.

Yahoo said recipients worldwide will not need a PayDirect account,
Internet access or even a local bank account to obtain their funds.

The Internet giant is looking for a slice of the global remittances
market estimated to be US$140 billion to US$200 billion per year.

Yahoo's partners include HSBC Bank, MoneyGram, courier service DHL,
electronic payments group eFunds and Verso Technologies, a telecom
calling card service. -- AFP