20 February 2018
visit www.ebaday.com

Wells Fargo doubles Internet payments volume

02 February 2004  |  6014 views  |  0 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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Wells Fargo adds Verified by Visa authentication to online payments system

Wells Fargo adds Verified by Visa authentication to online payments system

08 December 2003  |  10506 views  |  0 comments
Wells Fargo to pilot ID theft assistance centre

Wells Fargo to pilot ID theft assistance centre

29 October 2003  |  8035 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit www.vasco.comVisit https://www.capgemini.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11671 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9282 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9118 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7765 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7190 views comments | 19 tweets | 18 linkedin

Featured job

Competitive
Hong Kong, Asia-Pacific

Find your next job