Barclays Bank yesterday announced it was teaming with Japanese investment bank Nomura to set up an internet shopping portal.

The (as yet) unnamed portal, expected to be operational before Christmas, will be launched through Barclaycard in an attempt to generate more income from online retail. It is hoped that users of the brand’s online account services will rise from 300,000 to 500,000 in the wake of the portal’s launch.

Initially the venture will involve a million products and 50 suppliers. Online retailers using the site will be charged a commission by Barclaycard.

According to Bob Potts, Barclaycard’s chief executive: “There is a lack of mainstream operators who understand end-to-end payment and we can market it effectively and do not have to build a brand from scratch unlike some other e-tailers”.

He added: “Building our credentials as a major player in internet-related commerce will be a significant factor in the growth of Barclaycard over the next 5 to 10 years”.

News source: Financial Times