Yahoo! Closing Down PayDirect Money Transfer Service
Yahoo! has announced that it is closing its PayDirect money transfer service effective November 22, 2004. Yahoo! is no longer accepting any new PayDirect accounts effective immediately. There will be a transition period through May 15, 2005 at which time the PayDirect web site will be shuttered completely.
The Wall St. Journal reported:
"Without a large user base to support PayDirect, the business doesn't scale," said Yahoo spokesman Brian Nelson. "We're discontinuing the service in an effort to focus on the businesses that are core to our future growth."
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