Bibit enters US payments market

Bibit enters US payments market

European payment operator Bibit is launching its single-point Internet payment service into the US markets.

Bibit says it will offer US businesses a "plug-and-play" payment solution that integrates European multicurrency and international payment methods into e-commerce solutions. Bibit supports over 45 payment methods through partnerships with leading European banks.

Oliver Hack, manager electronic marketing MCC Smart, a company of the DaimlerChrylser Group, comments: "Bibit is the only global Internet payment service provider that includes over 45 payment methods and the experience and expertise to handle all of our Internet payments in a single-point, end-to-end Internet payment solution."

Though most e-commerce revenue currently stems from sites within the United States, the European e-commerce market is expected to reach $67.2 billion in 2001, and grow to more than $1.5 trillion in 2004, nearly 25% of global e-commerce. US e-commerce has primarily been conducted through credit card payments over secure servers, however this single method approach does not address the European market need. Credit cards are held by less than half the European population, and some major countries such as Germany do not even hit the 25% mark.

In a related announcement, Bibit has struck a deal with Xerox to handle payment processing across its European e-commerce transactions.

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