this morning announced
a new, international, online person-to-person payments service.
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's partners in delivering this new service include HSBC,
MoneyGram, DHL, eFunds, and Verso Technologies