Wells Fargo doubles Internet payments volume

Wells Fargo doubles Internet payments volume

US east coast bank Wells Fargo is reporting a record year for Internet payments volume in 2003, processing nearly $12 billion for Web merchants trading online, or 100% growth over 2002.

According to the Department of Commerce, Wells Fargo's e-commerce processing accounts for 15% of the nation's total online shopping volume.

The bank processes payments for over 60,000 online merchants and has 415,000 active online small business banking customers, up 40% from a year ago. In February, Wells Fargo will also sign up its fifth million active consumer Internet customer.

Avid Modjtabai, executive vice president and head of Internet Services Group at Wells Fargo. "As the first financial institution to launch Internet banking in 1995, it took us four years to get our first million consumer customers. The next four years brought more than four million additional customers."

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