Here's a story in today's news about a new Ebay/Wells Fargo venture that will undoubtedly compete with PayPal. If they integrate an easy-to-use functionality into the Ebay site, it will have an advantage over other competitors' systems, IMO...at least as far as Ebay settlements are concerned.

The story::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

eBay and Wells Fargo Join Forces to Create the Standard
for Person-to-Person Payment on the Internet

March 2, 2000

SAN JOSE, Calif.--(BUSINESS WIRE)--March 1, 2000 via
NewsEdge Corporation -

Largest E-commerce Site and Largest Internet Bank
Create New Payments Platform

eBay Inc.(R) (NASDAQ: EBAY) (www.ebay.com) and Wells
Fargo & Company (NYSE: WFC) (www.wellsfargo.com)
today announced a strategic alliance designed to address
the exploding need for an online person-to-person
payments platform. The new alliance combines the power
and vibrancy of the world's largest online personal trading
community with the scale, efficiency, and payments
expertise of Wells Fargo, creating a company that will set
the industry standard for person-to-person payment on
the Internet: Billpoint.

Billpoint, Inc., an online payment technology firm, was
acquired by eBay in May 1999. During the last ten
months, Billpoint has built its initial person-to-person
payment platform, combining easy Internet payments with
data security, customer service, and integration with eBay.
The strategic alliance announced today catapults the
existing Billpoint platform forward -- enabling it to
immediately serve eBay's vast buyer and seller base by
utilizing the extensive payments and customer care
backbone of Wells Fargo, the nation's 7th largest bank.

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

The strategic alliance leverages core strengths of both
eBay and Wells Fargo. eBay brings its enormous customer
base of 10 million registered users - customers who
during the fourth quarter 1999, generated annualized
gross merchandise sales of approximately $4 billion.
Wells Fargo, will deploy its highly regarded payment
processing and customer care infrastructure - support
involving hundreds of people, millions of dollars of
hardware and software investment, and years of payments
experience -- to ensure the expedient and secure
completion of each transaction. Together, eBay and Wells
Fargo's joint commitment to the alliance and the strength
of their brand names will make Billpoint the instant leader
in person-to-person payments on the Internet.

"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," said Meg
Whitman, president and chief executive officer of eBay.
"eBay and Wells Fargo investors are also well served with
this strategic alliance because we are both able to
leverage our respective strengths and scale economies in
penetrating this market faster and more efficiently than
going it alone."

"This alliance brings reliable and secure online payments
to millions of new buyers and sellers from the comfort of
home," said Dick Kovacevich, president and chief
executive officer of Wells Fargo. "Wells Fargo can deliver
the extensive operational and customer care infrastructure
required to support eBay's huge and rapidly growing
community - right now. This is an exciting step forward in
the Internet financial services revolution that Wells Fargo
has been leading as the world's largest Internet bank."

Billpoint chief executive officer, Janet S. Crane says the
strength of the partnership positions Billpoint to lead the
development of next-generation person-to-person
payment services. "Today's launch of our first product to
the eBay community is a "win-win-win" for eBay, Wells
Fargo, and Billpoint and is just the beginning of our rollout
across the Internet. With our partners, we will continue to
develop the easy, convenient and secure online payment
products our present and future customers demand."