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Barclays Merchant Services Signs With CyberCash

CyberCash Inc. said that Barclays Merchant Services has selected its secure payment technology as the foundation of Britain's first bank-owned Internet payment system.

Barclays Merchant Services, which handles credit and debit card purchases at about 125,000 shops and businesses across the UK, will offer ePDQ, a 'virtual' version of Barclays Merchant Services' PDQ point-of-sale terminals used by UK businesses to process credit and debit card transactions.

ePDQ works in the same way as the point-of-sale terminals, but over the Internet. Financial arrangements were not disclosed.

"Barclays Merchant Services has taken an important step in offering its customers the convenience of online shopping and adding to the. . .development of electronic commerce," said Bruce Wilson, executive vice president, global business development at CyberCash.

The ePDQ service is similar to CyberCash's CashRegister Internet payment service already available to merchants in the United States. Merchants can provide a full, online shopping experience to their customers with a service providing credit card payment authorization and settlement to their bank account. The service operates 24 hours a day, seven days a week, enabling sales to be completed with customers all over the world, regardless of differences in time zones.

"ePDQ provides the opportunity for UK businesses to begin trading online," said Tony Slater, sales and marketing director of Barclays Merchant Services. ". . .ePDQ gives retailers greater piece of mind knowing established names such as Barclays Merchant Services and CyberCash are behind it."

Barclays Merchant Services is one of the UK's largest acquirers and processors of plastic card transactions. In 1997 over 860 million purchases were made with credit and debit cards in retail outlets belonging to Barclays Merchant Services' retail customers in the UK.