Magazine article American Banker

Visa to Test Proposed System of Product Codes for Items Sold On-Line

Magazine article American Banker

Visa to Test Proposed System of Product Codes for Items Sold On-Line

Article excerpt

By KREININ-SOUCCAR, MIRIAM Visa U.S.A. is among the first companies getting behind a new digital classification system for products sold over the Internet. The coding system-developed by the United Nations Development Program and Dun & Bradstreet-assigns eight-digit numbers to more than 8,000 items, from computers to ballpoint pen cartridges. The idea is to create an international standard that will replace the conflicting coding systems that individual companies use in tracking sales. Visa sees the system as a basis for wider use of corporate purchasing cards. "Right now, if you want to buy computer equipment in France, they might have a different code there," said Bruno Perreault, senior vice president of commercial products at Visa U.S.A. "This will help further streamline buying and selling in the physical or virtual world." Within two months, Visa and Dun & Bradstreet will begin testing the code with certain merchants and purchasing card issuers. Visa would not identify the participants. Mr. Perreault said the code is ready but will take several years to deploy fully. Visa and MasterCard International have made business-to-business electronic commerce a priority. Both are working to enhance their products for this market, and talking up the potential for banks. A recent study by WEFA Group, commissioned by Visa International, predicted 69% annual growth in on-line business purchasing for the next five years. Volume would top $1 trillion by 2003, far more than the $100 billion in on-line consumer spending predicted by 2002. Last year, $77 billion was spent by businesses shopping on-line, according to Burlington, Mass. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.