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eBay and Wells Fargo Form Alliance
Reuters
SAN JOSE — Online auctioneer eBay Inc. and Wells Fargo and Co. the No. 7 U.S. bank, on Wednesday said they would team up to operate a new payment system that would allow online sellers on the giant auction site to take credit cards.

The alliance will enable Billpoint Inc. an online payment technology firm eBay acquired in May, to immediately serve eBay's more-than 10 million users, the companies said.

As part of the deal, Wells Fargo & Co. agreed to purchase a 35 percent stake in Billpoint from eBay pending Federal Reserve approval. Wells Fargo also entered into a long-term payment processing and customer care contract with Billpoint.

During the fourth quarter eBay users generated annualized gross merchandise sales of about $4 billion, the companies said.

"Partnering with Wells Fargo not only offers eBay buyers a fast, convenient, and safe way to pay, but also enhances trading velocity and efficiency for eBay sellers," Meg Whitman, eBay president and chief executive, said in a statement.

Shares of eBay Tuesday closed at 143-3/8, while shares of Wells Fargo closed at 33-1/16.

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