Rumor: Google takes on PayPal

by Erin McCune on June 28, 2006

in Payments News

CNET News reports that Google is expected to announce its new payment network this week, directly challenging PayPal. Rumers have been circulating for months culminating in a storm of buzz this week.

Excerpted from CNET:

What's new

Google is expected to announce a new online payment system this week, dubbed Gbuy.

Bottom line

If
it actually comes to pass, the rumored payment system would compete
with PayPal and enable Web surfers to use micropayments to purchase
everything from retail goods to individual bits of Web content. It
could also threaten some well-established financial institutions,
allowing people to fund a "Google wallet" directly from their bank
account and sidestep credit card charges. Merchants, too, could avoid
the 3 percent they pay to Visa and others.

Open your wallet to Google
By Elinor Mills
Staff Writer, CNET News.com
Published: June 28, 2006, 4:00 AM PDT

Plus this article at TheStreet.com:

eBay Hears Footsteps
By Jonathan Berr
TheStreet.com Senior Writer
6/27/2006 3:56 PM EDT

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