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Friday June 18, 02:33
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Wells Fargo Gains Revenues From ePayments
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Online retail payments have become a lucrative revenue source for Wells Fargo & Co, whose gateway processes credit card payments for domestic and international PayPal transactions. In Q1 2004, Wells Fargo processed USD 3.8 billion in online payments volume, most of which derived from PayPal, the e-payments subsidiary of eBay. This total is a near-50 per cent increase on the same quarter in 2003, with Wells also handling checking-account payments for PayPal. In Q3, 2003, Wells processed USD 1.9 billion in non-auction online payments, while US retailers achieved USD 13.3 billion in online retail payments.
eBay recently introduced a credit program for users of its PayPal e-payment service, who can obtain a line of credit to fund purchases made through PayPal, subject to credit approval. The service, PayPal Buyer Credit, is transparent to sellers in that when buyers avail of their line of credit, PayPal pays the sellers as soon as items are purchased. Credit lines issued via PayPal Buyer Credit are defined by the credit history of buyers, who must reside in the US, and hold a US PayPal account to gain approval, but otherwise the credit program is no different from the standard credit card payment process.
Payments research firm, PayStream Advisors, similarly predicts 60 per cent of consumer remittance payments to be electronic by 2008 given the shift to e-payments. To this end PayStream analyst, John McCormick, predicts that as three-quarters of remittance payments will not involve EBPP, payment without presentment will enable billers to more easily reach customers. For instance, billing solutions firms such as Princeton eCom, Bank One, BillMatrix and Fort Knox National Company are promoting solutions for Consumer Collections Automation (CCA) in an effort to better serve their customers' needs.
(Bank Technology)
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