HSBC and Yahoo to deliver email payments

The Hong Kong and Asia launch of a new payment system is scheduled for early next year.

HSBC has entered an alliance with Yahoo to deliver a co-branded, person-to-person, payments system to consumers worldwide.

Under the agreement, the company's current US payment service, Yahoo PayDirect, will be expanded globally and named 'Yahoo PayDirect with HSBC'.

A PayDirect account is an online stored value account that enables users to send and receive money via email. Money can be transferred in and out of the online account by linking to a user's actual bank debit and credit accounts, regardless of which bank they hold these accounts with.

The PayDirect account pays no interest, and originally funds in the US accounts were maintained with CIBC National Bank and all...

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