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Trans-Atlantic Internet Transactions

Techstination feature for Wednesday, March 14, 2001

A big European Internet payment provider invades the U. S.. I'm Fred Fishkin with Bloomberg Bootcamp. The company is Bibit. Based in The Netherlands... where CEO Jost Schuijff says what Bibit wants to be is a sort of translation service for Internet transactions...

"It's not only currencies, it's also languages and different payment methods. For example, only one out of five Germans has credit cards. So it is much more a direct debit country where each of the individual banks have invented payment methods and therefore there's a wide range of payment methods in each of the countries. S it's not only currencies, but it's also a wide range of payment methods. So what we do is we solve this all for merchants. We give them one interface where they get, in our situation, fifty different payment methods in all relevant currencies."

Customers include Daimler Chrysler, The Financial Times and a long list of others. Bibit offering its services to to American companies... will allow them to more easily tap into the global online marketplace...

"In 2001, the e-commerce turnover will be 67 billion U.S. dollars, but it's divided over 20 countries, but there are 250 million people. In 2004, probably Europe will be 25 percent of the worldwide ecommerce market."

And from the consumer's perspective, in the U.S. and Europe, the technology behind the e-commerce makes the global marketplace more accessible than ever before. You can find more information at Bootcamp, I'm Fred Fishkin, Bloomberg Radio.