PayDirect Banking System Shut Down

Some of the most trusted names in the industry such as Neteller, Citadel, Moneybookers, 900pay, 1-Pay and Payspark have been servicing the online casinos and making online deposits easier to manage. The payment business has gone through a few changes and some companies have closed in the process. Recently, Yahoo terminated the PayDirect services.

Yahoo PayDirect is an online banking service similar to Ebay´s PayPal. Paypal was one of the biggest online payment methods that serviced the industry until not too long ago. But when Ebay purchased Paypal they discontinued their work in the business. This opened up the way for many other online gambling payment systems that filled the gap PayPal left behind mostly to service the Internet gambling industry. Yahoo decided to launch their own online payment service but in late November of this year they decided to close PayDirect. Yahoo spokesman Brian Nelson had this to say: "We are discontinuing PayDirect as part of our efforts to focus the company on core priorities."

Yahoo launched PayDirect in 2000 as a payment system for its online auctions customers. The company bought out payment technology provider Arthas months earlier as a move into the online payments industry. But more recently Yahoo has backed away from parts of its auctions business. Yahoo is backing away from its European auction business and focusing its United States-based auction site which accepts PayPal payments.

PayDirect also went through several changes first offering its services for free, then adding user fees in 2001 and finally reverting back to a free service in 2002. The PayDirect service has shut down and no new accounts can be opened. Online payment companies number many online and the loss of one won´t affect the online casino industry. There are plenty of great online banking services that work with the sites and provide a safe and secure method when it comes to placing casino deposits online.