The Internet today may be facilitating worldwide sales of anywhere between $10 million and $100 million annually. Given the current growth rates and popularity surrounding this new, boundless distribution channel, sales over the Internet could grow dramatically, moving as much as a half trillion dollars annually in goods and services internationally by the year 200.

Banks have more than a vested interest in understanding how sales take place now on the Internet and how they are likely to be consummated in the future. Providing authentication and settlement services in cyberspace represents a whole new market for banks' payment system franchise.

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