CyberCash Internet Transactions Show Explosive Growth; H&R Block Leads Web Sites in February Transactions Processed.Business Editors RESTON Reston, uninc. city (1990 pop. 48,556), Fairfax co., N Va., a planned community established in 1961. A suburb of Washington, D.C., Reston is organized in a series of residential villages and commercial areas. , Va.--(BUSINESS WIRE)--March 7, 2000 CyberCash Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYCH), the world's leading provider of electronic payment technologies and services, announced today that the company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the payment processing volumes surpassed eight million transactions in February, tripling the number from the same month last year. CyberCash also said that hrblock.com, the popular Web site of tax giant H&R Block, led the way among CyberCash's 20,000 Internet merchants with more than one million transactions processed in February. "This tripling of transactions in a month that is usually slower than others demonstrates both the success of CyberCash and the phenomenal growth of Internet payment processing," said Chuck Riegel, executive vice president of worldwide marketing. "Internet payment volumes are exploding and CyberCash is uniquely positioned to capture this business," he said. "Internet payment processing is required by all sorts of new businesses, from filing taxes to political contributions to our bread-and-butter business of e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. ." H&R Block is a diversified company diversified company A company engaged in varied business operations not directly related to one another. A diversified company is less likely to suffer either a collapse or a spectacular gain in earnings compared with a firm concentrating its operations in a with subsidiaries providing a wide range of financial products and services. H&R Block Tax Services Inc. served 18.9 million taxpayers in more than 10,000 offices worldwide in 1999. This year, H&R Block began offering free electronic filing in the majority of its U.S. offices. Block's Web site, hrblock.com, offers online tax preparation, tax advice, brokerage services, mortgages, insurance and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Block also publishes the award-winning TaxCut software program. "We're pleased with the growth of online tax preparation and sales of our tax software on the Internet," said Gene Goldenberg, senior vice president for software and e-commerce at H&R Block. "We chose CyberCash to help us handle this business because they offer the speed, reliability and security which are necessary to be competitive on the Web." CyberCash has experienced enormous growth as the leading provider of payment processing services to the burgeoning Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. . CyberCash doubled its merchant base in less than a year to the current 20,000 that includes ReplayDVD.com, hrblock.com and FatBrain.com. The company experienced a 110 percent increase in Internet revenues between 1998 and the end of 1999. In February of last year, CyberCash processed 2.6 million transactions. About CyberCash CyberCash, Inc., the world's leading provider of Internet payment services See Web payment service. and electronic payment technologies, is a pioneer in payment software and solutions spanning both the e-commerce and physical world markets. CyberCash today has more than 20,000 Internet merchant customers, more than 130,000 physical world software products shipped and solutions that are delivered as either software or services. CyberCash offers the broadest reach in the payment industry with a comprehensive distribution network that includes direct and indirect sales as well as marketing partnerships with financial institutions, Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. , application service providers, storefront solution providers and leading independent software vendors. |
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