Google, the leading search engine company in search of itself has again added a new service to its eclectic portfolio. Later this year, Google plans to offer an electronic payment service that will compete directly with PayPal, owned by eBay. Services will, reportedly, include processing payments using consumer credit cards and checking accounts, the mainstay of PayPal's service.
According to this morning's Wall Street Journal, Google's commissions for processing each transaction in the payment service could significantly increase its $3.2 billion annual revenue, which currently comes primarily from online advertising services.
Dave's Opinion
Should Google enter the payment processing market, PayPal will have to dance with the wolf, and quickly, if it wants to remain in business. E-business helps to flatten the world, to use Thomas Friedman's term, and Google is taking full advantage of the pancaking effect of its global presence and name.
Call for Comments
What do you think? Leave your comments below.
References
Wall Street Journal, Google Set to Offer Payment Service to Compete With eBay's PayPal
Comments (2)
Just like in your hometown, no matter how big, there's plenty of room for more than one 'bank.' With eBay and Paypal so closely linked, Google will need a similar partner to actually do damage to Paypal. Think Amazon might let Google run their payment system?
Posted by reedracer![[TypeKey Profile Page]](http://www.geeknewscentral.com/nav-commenters.gif)
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June 19, 2005 9:44 AM
Posted on June 19, 2005 09:44
Definitely some competition will be good. PayPal still charges too much. But basically Google will create a Google "Bank", because that's what it basically is...
regards,
Leo
Posted by lf777![[TypeKey Profile Page]](http://www.geeknewscentral.com/nav-commenters.gif)
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June 19, 2005 10:54 AM
Posted on June 19, 2005 10:54