HSBC and Yahoo! are launching a global joint marketing campaign to support a new payment service.
The two have teamed up to launch PayDirect, a service allowing money to be transferred by e-mail.
Under the system, Internet users can set up a PayDirect bank account with HSBC through the Yahoo! portal. This allows the safe transfer of money when either buying from retailers online or buying from people on auction sites.
HSBC will launch an online and offline marketing campaign, to make its products available to Yahoo!’s 200 million customers. Yahoo! will similarly market its services to HSBC’s 28 million customers.
The two companies are hammering out a marketing strategy for the deal, with promotions expected to start later this year in the US and in the UK, and the rest of the world next year. Financial details of the campaign have not been disclosed.
HSBC has a presence in 79 countries around the world while Yahoo! is present in 24 countries. But for this project, the companies will target a few, unannounced, key territories.
Robert Arena, HSBC’s head of global e-business, says “This partnership is natural as we share a global footprint and a proven commitment to first class customer service.”