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Yahoo Shuts Down Their PayPal Competitor

Posted by ryuzaki0 on from the imagine-that dept.

LostCluster writes "MSNBC and ZDnet are both reporting that Yahoo and HSBC have announced a shutdown plan for their PayDirect service which was their rival to PayPal. Since CitiBank abandoned their c2it service last year, PayPal now seems to be a monopoly by default." There are other players in this field, though, like bidpay and worldpay.

8 of 257 comments (clear)

  1. Canada still has CertaPay by bcs_metacon.ca · · Score: 5, Informative

    A consortium of Canadian banks (BMO, CIBC, RBC, ScotiaBank, and TD) offer "email money transfers" through CertaPay. My wife and I use it for almost everything we used to do through PayPal because -- unlike PayPal -- it's free for both the sender and receiver (as long as you have a banking plan that gives you a number of free transactions per month).

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    1. Re:Canada still has CertaPay by gbjbaanb · · Score: 3, Informative

      Anbd in the UK, you want to check out Natwest's FastPay. Much cheaper than Paypal, in the few areas where it isn't free.

  2. Re:I have never understood... by DoorFrame · · Score: 4, Informative

    Paypal is a hell of lot faster and easier than using credit cards. Also, as someone who sells things on eBay on a regular basis, it allows me to accept payments both from paypal people and from people with credit cards, which I wouldn't have otherwise been able to do. Also, I can dump money directly from paypal into my bank account, which I cannot do with my credit card.

    So there you go.

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  3. Competitors by mr_sas · · Score: 3, Informative

    Worldpay is not really a competitor to the main paypal market, since iirc it costs GBP100ish (USD 180) a significant amount (to an average part time ebay seller) to set up, plus an annual yearly fee, plus they take so much per transaction. Nochex is a competitor, but it was limited to UK customers only last time I checked it out.

  4. Re:In other news... by mochan_s · · Score: 3, Informative

    The dollar is not a profit-maximizing corporation.

    What next? Water has monopoly over showering substance?

  5. Paypal alternatives by wikinerd · · Score: 3, Informative
    http://www.ikobo.com/ allows online money wordwide transfer and gives you an ATM card to withdraw monies from ATMs all over the world. In contrast with PayPal, iKobo supports much more countries in EU and the rest of the world.

    In addition, there is http://www.moneybookers.com/ that also allows online money transfer and is based in UK and supports more countries than PayPal

    What sucks is that both services want you to have a user ID before using them.

    There is also Western Union that does online transfers but it is only for USA I think and their charges are high IMO.

  6. StormPay by Jace+of+Fuse! · · Score: 3, Informative

    I don't know how big or reliable they are, but there is always Storm Pay.

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  7. Re:eGold (sic) - "e-gold" is the correct name by wherley · · Score: 3, Informative

    I think you meant e-gold. The name without the hyphen goes to some other site that (currently) redirects to the real e-gold site with a referral code attached to the URL.