NEW YORK - The Dutch financial services giant ING Group NV said Tuesday that it had formed a strategic partnership with X.com Corp's Paypal service to start e-mail cash payments in Europe.

ING said it will make an investment in X.com as part of the deal. The amount of the investment was not disclosed.

ING plans to roll out the service throughout Europe. "With this strategic partnership, ING has taken yet another step to be in the front line of innovative e-business initiatives," said Jacques Kemp, global head of e-business for ING.

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