Google not taking on PayPal

[equity78]

Google CEO Confirms Payment Tool; Says Won't Challenge PayPal
22 Jun 2005
AP Google CEO Eric Schmidt on Tuesday that Google has an electronic payment product is in the works, but he denied recent reports that it is preparing to directly compete with eBay's PayPal payment service, reports the Associated Press. "We do not intend to offer a person-to-person, stored-value payments system," Schmidt told the AP. Reports emerged over the weekend that Google might be contemplating just that with a new product, "Google Wallet," but Google allowed the rumor mill to keep grinding, until yesterday.

Its recent incorporation of a subsidiary called Google Payment Corp. fed those rumors, but Schmidt said the subsidiary is working on something that's connected with its search engine. "The payment services we are working on are a natural evolution of Google's existing online products and advertising programs which today connect millions of consumers and advertisers," Schmidt said, but would not elaborate.

Some think Google's payment product would be tied to its comparison-shopping service Froogle. Others point to the company's plans to offer viewing of online videos, predicting that the payment service would be for selling online content found via search. Investors are likely hoping that Google is looking at income sources other than advertising revenue, which has accounted for most of its profit.

 

[jeter4982]

I was looking forward to Google Wallet. I have a suspicious feeling that we will eventually see the Google Wallet we anticipated, as it is a logical step for Google to take.

Tom

 

[IAmAllanShore]

I was (and still am) looking forward to a real, marketed alternative to PayPal.

And like Jeter, I think they will come through in the end...

-Allan

 

[Ringr]

Yeah right.
What doesn't Google challenge? :p

 

[l0zo]

i still don't understand why google dont own googlewallet.com but own googlepayment.com why do people always say "google wallet"

 

[TWM]

Does anyone think they are just growing way too fast?

 

[JoshHendo]

I was (and still am) looking forward to a real, marketed alternative to PayPal.

And like Jeter, I think they will come through in the end...

-Allan

Maybe g r e e n z a p. that could be considered as a alternative if it is not a scam :P?

 

[Matrix1976]

Even if google intends to compete with paypal, they would surely deny it untill the last second and once a beta system would have been fully tested in my opinion...im sure google wants to keep ebay/paypal as a major advertiser $$$ as long as they possibly can...

 

[EbookLover]

I was (and still am) looking forward to a real, marketed alternative to PayPal.

StormPAy and Yahoo! Wallet are pretty popular. StormPay is often used by folks who also offer PayPal. I know nothin gbaout it though.

Does anyone think they are just growing way too fast?

Yes

 

[ThreeD]

Does anyone think they are just growing way too fast?

definately It's almost scary...how many people work for google anyways? At their progression rate it could be millions..he he

 

[Premium]

Thanks for posting :tu:

 

[Zeeble]

Think of all the times that companies have issued statements like this, and done the opposite a few years later.

 

[Joey]

, I hate PayPal.

 

[THCGroup]

I think it's only a matter of time before they advance into new areas like a payment system. After their recent lawsuit for click fraud, I think Google will have to start coming up with new ways to keep the revenue coming in.