Emerging Markets Driving Internet Sales Growth
Boom in Online Shopping Outside U.S and in
Non-Retail Markets in U.S. Are Fueling Demand for New Payment
Solutions
SAN
FRANCISCO--(
BUSINESS WIRE)--May 24,
2004--Wells Fargo & Company (NYSE:WFC) reported internet
merchant payments reached $3.8 billion in the first quarter
alone, up nearly 50 percent from a year ago. The rapid growth of
Wells Fargo's internet payments business is due to the growing
need for online payments among U.S businesses selling abroad, as
well as from growth in the education, government and insurance
markets. Wells Fargo's international merchant payments alone
reached nearly one billion in sales in 2003.
Wells Fargo is a payment processor for PayPal, an eBay company,
and also enables its multi-currency processing solution.
Laptop Battery "As a payment processor for PayPal, Wells Fargo has assisted us
in making online payments quick and easy for our customers," said
Alyssa Cutright, PayPal's senior director of
Financial Services. "Wells Fargo
understands the internet and has established an expertise in
innovative solutions for the online payments industry."
According to Business Week, the Asia Hot Growth 100 scoreboard was drawn from the Standard & Poor' Citigroup Extended Market Indexes for the Developed and Emerging Markets of Asia, as of October 26, 2006. Companies must have annual sales of more than US$50 million and less than US$500 million to qualify. Companies also had to have sales growth, profit growth, and an average return on invested capital of at least 10%.
Thinkpad Currently, PayPal reaches 38 countries and seamlessly offers
five currencies -- the Euro, Pounds Sterling, Japanese Yen, USD and
Canadian Dollar -- with the help of the Wells Fargo Global Payment
Gateway(SM) and Wells Fargo's many relationships with global
sponsoring bank affiliates. The Global Payment Gateway solution
streamlines payment processing with a single connection, helping
companies avoid the time and expense of engaging multiple vendors
and banks to separately handle local currency settlement.
A cookie is a small piece of data that is sent to your Internet browser from a Web server and stored on your computer's hard drive.
Microsoft "We saw 100 percent growth in online merchant payments from 2002
to 2003, and we expect this tremendous growth trend to continue as
a number of emerging markets, such as education, government and
insurance, increasingly recognize the benefits of offering
customers online payment options," said Debra Rossi, executive vice
president of Business Internet Services at Wells Fargo. "In
addition, by simplifying the process for U.S. businesses to offer
multicurrency transactions, we are making it easier for them to
rapidly expand to international online shopping markets that are
growing more quickly than in the U.S."
A cookie is a small piece of data that is sent to your Internet browser from a Web server and stored on your computer's hard drive.
Laptop Computers Some of the trends in emerging markets
include:
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Laptop Computer -- In education, Visa saw 84.47% growth from 2002 to 2003 in
electronic commerce transactions, from $1.5 billion to $2.8
billion.
A cookie is a small piece of data that is sent to your Internet browser from a Web server and stored on your computer's hard drive.
Desktop Computer -- In government, Visa saw 101.51% growth from 2002 to 2003 in
electronic commerce transactions, from $1 billion to $2.04
billion.
Notebooks -- In insurance, Visa saw 84.92% growth from 2002 to 2003 in
electronic commerce transactions, from $705 million to $1.3
billion.
Lenovo University of Minnesota Goes Global
Hard Drive As one of the first universities in the Big 10 to sell online,
the University of Minnesota quickly found that its internet stores
are not only popular with students but help the institution reach a
global audience. In 2003, the university had $62 million in credit
card receipts of which roughly 30 percent were web-based
charges.
Travelstar Accepting credit cards over the internet via Wells Fargo
actually has turned out to be a cornerstone of the school's
commitment to serving the public at large. It is a symbiotic
relationship: making it easier to buy books and supplies online
also increases the university's revenue.
Gateway "Our main mission statement is education, research and
outreach," notes Colleen Davy, the school's program director for
treasury management. "The university is looked at as a hub for
information. We have a lot of international conferences here on
campus attended by people who are not formally affiliated with the
university.
Laptop Parts "They can buy books, maps, and other merchandise related to
whatever conference or symposium they are attending or just to have
for souvenirs. Just about anything they need they can find on one
of our web pages, and more likely than not we have enabled that web
page to accept credit cards. Our students are already geared to
'give it to me on the internet.' But our online presence has
expanded who we can touch to people all around the world."
Software County of Orange Uses e-Payments to Improve Service and
Efficiency
Hard Drives Located in one of the more affluent communities in the country,
the County of Orange, Calif., wanted to improve citizen services by
accepting credit cards and electronic payments for property taxes
via the municipality's web site and by telephone. In 2003, the
County of Orange collected $103 million in electronic tax payments,
almost double the 2002 tax revenues.
Electronics County officials also wanted to lower their transaction costs by
using digital technology instead of relying exclusively on paper
payments. Giving citizens the option of using either the web site
or an interactive phone system also would allow taxpayers 24-hour
access to conduct transactions as well as check the status of their
accounts at any time.
Canon The county turned to Wells Fargo to process credit cards and
electronic payments. County officials say the Wells Fargo platform
helped them achieve all of their objectives and has been a big hit
with taxpayers, too.
Desktop Pc "It's convenient for the customer and it improves the operations
for the county," observes Gary Cowan, Orange County's Assistant Tax
Collector. "We get emails from taxpayers saying they really like
the 24/7 aspects of the system. They also love the fact that they
can get important information about their tax accounts right at
their desktops."
Desktop Computers "The system comes in really handy when people have lost their
tax bills. They can go to the web site or just pick up the phone
and get their bills electronically. And they don't have to worry
about missing their deadlines because of lost mail or a late
delivery."
Think Pad County officials hope that 10 percent of all property tax
payments occur through the Wells Fargo platform in the next three
years. Today, roughly 4 percent of property taxes are paid
electronically, Cowan says.
Repair Wells Fargo reached its record year in internet payments volume
in 2003, processing nearly $12 billion in internet merchant
payments. Today, Wells Fargo processes payments for more than
61,000 online merchants, and according to figures published by the
U.S. Department of Commerce, Wells Fargo's e-commerce processing
accounts for 15 percent of the nation's total
online
shopping volume.
Data Recovery About Wells Fargo & Company
Cisco Wells Fargo & Company is a diversified financial services
company with $397 billion in assets, providing
banking, insurance, investments,
mortgage and consumer finance from more than 5,900 stores and the
internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the only "Aaa"-rated
bank in the United States. Visit Wells Fargo at
www.wellsfargo.com.
Keyboard Contacts
Monitor
Wells Fargo & Company
Wendy Grover, 415-396-5905
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