Yahoo! PayDirect Launches International Online Person-to-Person Payments

Business Wire,  Dec 15, 2003  

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Business Editors/High-Tech Writers

SUNNYVALE, Calif.--(BUSINESS WIRE)--Dec. 15, 2003

New Service Helps Consumers Save Substantially on International Money

Transfers Just in Time for the Holidays

Yahoo! PayDirect (http://paydirect.yahoo.com), an online payment product, today announced the launch of Yahoo! PayDirect International, which allows Yahoo! and Yahoo! en espanol users to securely and inexpensively send money to family and friends in 182 countries throughout the world. Recipients worldwide will not need a PayDirect account, Internet access or even a local bank account to obtain their funds.

The growing need for safe, low-cost and convenient services to transfer funds internationally continues to swell with a global labor population. Foreign nationals who send money home say "convenience" is the most important criteria for choosing a remittance method, and these global remittances total an estimated $140 billion to $200 billion per year.* With the holidays rapidly approaching and a growing need for cost-effective remittance services, consumers now have an easy way to send money home.

The PayDirect International service is safer and more convenient than traditional money transfer methods for both the sender and receiver. After the sender makes the initial remittance, the recipient receives a Yahoo! PayDirect World Card, which is delivered within five days. The PayDirect World Card is a stored-value card that can be used to withdraw local currency at any of the more than 800,000 Cirrus ATMs around the world, just like a traditional ATM card. The recipient doesn't have to have a bank account to receive or use the card. The recipient can, at any time, withdraw the entire balance up to local ATM limits, or make periodic withdrawals until the remittance is exhausted. The sender can re-fill the same card, up to the specified limit, at the Yahoo! PayDirect Web site from their bank account.

In lieu of the PayDirect World Card, recipients can also collect funds within minutes at any of the 60,000+ MoneyGram(R) international money transfer locations worldwide. In addition to saving time and money, senders also receive a free five-minute international virtual calling card to contact their receiver by phone after the money is sent.

"Yahoo! PayDirect International revolutionizes current Internet person-to-person payment methods," said Dickson Chu, general manager, Yahoo! PayDirect. "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."

PayDirect International is an innovative product that leverages existing banking and money transfer infrastructure. Key partners include:

-- HSBC: "The world's local bank" is one of the largest banking

and financial services organizations. HSBC has over 9,500

offices in 79 countries in territories in Europe, the

Asia-Pacific region, the Americas, the Middle East and Africa.

HSBC and Yahoo! first entered into a strategic partnership in

July 2001.

-- MoneyGram: With its network of more than 60,000 agents in 160

countries, MoneyGram is a name well known for safe, easy and

affordable service around the world. It provides recipients of

money transfers with both familiar and convenient access to

their funds, as well as a whole new level of Internet options.

-- DHL: An internationally recognized brand and the world's

leading express and logistics company, linking more than 220

countries and territories around the world. As the exclusive

shipper of the PayDirect International World Card, DHL's fast

and reliable service will ensure that the International World

Card can be hand delivered to practically any destination on

the globe.

-- eFunds Corporation: A leading provider of electronic payments,

risk management, ATM and outsourcing solutions, eFunds

Corporation will manage and process the PayDirect World Card

transactions via the Cirrus ATM network.

-- Verso Technologies: One of the world's leading providers of

next generation communications solutions provided its NACT

Prepaid Solution to enable the international calling card

services and is providing full-service 24-hour/7 day a week

customer support for all Yahoo! PayDirect International

calling card users.

Yahoo! PayDirect International is available in English (http://paydirect.yahoo.com) and in Spanish through Yahoo! en espanol (http://espanol.yahoo.com.)

About Yahoo! PayDirect

Yahoo! PayDirect is a safe, easy and inexpensive way to send or receive money online. Consumers can send money from credit cards, transfer money to and from bank accounts, send money to 182 countries and enjoy additional benefits. Millions of consumers use Yahoo! PayDirect to collect money, pay for auction items or online purchases, send cash gifts over the Web or to keep detailed billing records for small businesses.

About Yahoo!

Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 world properties and is available in 13 languages.