INTERNET PIONEERS WELLS FARGO AND PAYPAL JOIN FORCES, ADVANCING INTERNET PAYMENT PROCESSING
San Francisco — June 20, 2002
Wells Fargo & Company (NYSE: WFC) today announced that it has become the payment provider to PayPal, by providing to PayPal secure Internet payment-processing services. PayPal, an Internet payment network for online auctions, e-commerce, and person-to-person (P2P) facilitates payment transactions between individuals or businesses employing Wells Fargo’s payment processing technology.
Wells Fargo's payment processing platform will be utilized to process PayPal’s transactions safely, securely and reliably each day over the Internet. Whether PayPal users want to use their credit card or deduct funds directly from their checking accounts, Wells Fargo will securely handle both transactions. This arrangement cements Wells Fargo’s position as the leading processor for person-to-person Internet payment providers.
“Wells Fargo is excited to win the business of the popular online payment network, PayPal, ” said Debra Rossi, executive vice president, Wells Fargo Business Internet Services. “Wells Fargo is in a position to help PayPal’s service with its payment processing expertise, its relationships with the credit card associations and its customer care experience. As a bank, Wells Fargo provides robust payment processing systems and operational services to PayPal’s customers. That’s quality of service that online shoppers and sellers can take to the bank.”
PayPal’s business consists primarily of transactions between businesses and consumers via online shopping (e-commerce sites) and online auction sites. Using e-mail, senders simply notify recipients of a payment via e-mail. Money is then directly transferred to the recipient’s account utilizing Wells Fargo’s secure payment processing service.
ABOUT WELLS FARGO & COMPANY
With 1.6 million small business customers, Wells Fargo is the largest small business lender in the United States. The Resource Center for Small Business Owners, featuring Wells Fargo Business Online banking, at http://www.wellsfargo.com/biz/ was ranked for the second year in a row as top among 90 large- and mid-sized banks by financial services consulting firm, Speer & Associates. In the March 2002 issue of Institutional Investor, which ranks companies for e-finance innovation, Wells Fargo beat all other banks. Wells Fargo delivers secure payment solutions that are easy to implement, affordable and offer fraud protection to customers. Wells Fargo processes nearly $4 billion in credit card sales annually for 20,000 online merchants.
Wells Fargo is a $312 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site and other distribution channels across North America as well as internationally.