Yahoo takes on PayPal, BillPoint, etc; buys dotBank

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From: Rohit Khare (
Date: Sat Mar 25 2000 - 00:31:41 PST

Yahoo To Add New E-Payment Service

   By Dick Kelsey, Newsbytes
23 Mar 2000, 3:45 PM CST

  Yahoo [NASDAQ:YHOO] is gearing up for the launch of another online payment
service with the purchase of, formerly known as The
payment service, which will be called Yahoo PayDirect, is expected to be
ramped up later this year. The open platform system will be available to
buyers and sellers using Yahoo's e-commerce network. Yahoo plans to begin
using the system in its auctions to make and accept payment. co-founder Robert Simon said, "By joining the Web's leading
enabler of commerce, we can deliver our easy-to-use, secure, cost-effective
payment solutions to the world's largest audience of online purchasers."

Earlier this month Wells Fargo and Company teamed up with eBay to promote
Billpoint as an online payment provider, while and merged
to form what the companies called "the world's largest secure network for
instant online payments." In February a merger agreement was reached to
combine online billing pioneer CheckFree, Microsoft-owned TransPoint and
First Data Corp. Late last year America Online and financial software
publisher Intuit made a five-year deal to provide a system for consumers to
pay their household bills online. enables individuals to electronically send to and receive money
from anyone with an e-mail address. Personalized electronic bills can also
be sent to an e-mail address and can be paid online using the service. In
addition to online auctions, PayDirect will be applied to classifieds and
event planning. The service initially will be free, a Yahoo spokeswoman told

Last year introduced its Bill Pay service, which allows customers to send
electronic payments to individuals as well as established companies through
My Yahoo and Yahoo Finance. Yahoo charges users of this service a small fee.

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