Report: Google to Start New Payment System

[AgaBoogaBoo]

MOUNTAIN VIEW, Calif. (AP) - Online search-engine leader Google Inc. (GOOG) is preparing to introduce an electronic payment system later this year in a move that would pose a financial threat to one of its biggest advertisers, Internet auctioneer eBay Inc. (EBAY)

The Wall Street Journal reported Google's plans on its Web site late Friday, citing sources familiar with the Mountain View-based company's plans. The Journal did not provide any details about Google's strategy.

A Google spokesman declined to comment on the report.

The likelihood of Google rolling out an online payment system to rival eBay's popular PayPal service became a hot topic during an Internet conference hosted Thursday by Piper Jaffray.

"It could be a pretty big negative for eBay if it happens," said Piper Jaffray analyst Safa Rashtchy, who follows Google as well as the Web's leading auction site.

PayPal accounted for $233.1 million, or 23 percent, of eBay's revenue during the first quarter.

San Jose-based eBay bought PayPal for $1.3 billion in 2002. The payment service makes money by collecting a fee from the transactions that it helps complete. The electronic accounts are funded by credit cards or banking account transfers.

Expanding into online payments might make Google less dependent on advertising, which accounted for nearly all of its first-quarter revenue of $1.26 billion. The merchants who run auctions on eBay are major buyers of Google's ads, which appear alongside search results.

http://apnews.myway.com//article/20050618/D8APP0TO0.html

 

[cjgallen]

YESSSSSSSSS

 

[icejunkie]

Google will eventually take over the world, like it or not

 

[mpitts]

Damn.. gpay.com is already taken.

 

[Juno]

What's next, Google Foods market?

 

[Safeway]

Finally. I hope eBay greedies lower fees of PayPal. The 'rake' amount is absurd.

 

[mpitts]

I'm sure all the people who hate Paypal and think this is great news will eventually come to hate Google too.

 

[MrBond]

Man, I was JUST going to post this - saw it this morning over my coffee.

Paypal really can't be improved upon if you really look at it. I'd be welling to bet a large portion of the paypal complaints are from people who didn't follow the Seller Protection Policy (ie: "I sent someone a $300 item via first class mail and they claimed they never got it so paypal took the money back"). The only thing they could do differently is charge smaller fees.

 

[tw1164]

Originally posted by: jewno
What's next, Google Foods market?

That's cool, as long as they have the search system there so I don't have to wonder around looking for stuff.

 

[pennylane]

Originally posted by: tw1164

Originally posted by: jewno
What's next, Google Foods market?

That's cool, as long as they have the search system there so I don't have to wonder around looking for stuff.

Haha I know what you mean. Sometimes it takes FOREVER for me to find stuff in the damn grocery store. Google is slowly taking over the world... and then we'll regret loving it so much. But ah well. Hopefully it doesn't happen til I'm dead or old enough not to care.

 

[SynthDude2001]

Originally posted by: tw1164

Originally posted by: jewno
What's next, Google Foods market?

That's cool, as long as they have the search system there so I don't have to wonder around looking for stuff.

:thumbsup:

 

[GagHalfrunt]

Originally posted by: icejunkie
Google will eventually take over the world, like it or not

6 or 7 years ago people would have said the same thing about Yahoo.

 

[Juno]

Originally posted by: fanerman91

Originally posted by: tw1164

Originally posted by: jewno
What's next, Google Foods market?

That's cool, as long as they have the search system there so I don't have to wonder around looking for stuff.

Haha I know what you mean. Sometimes it takes FOREVER for me to find stuff in the damn grocery store. Google is slowly taking over the world... and then we'll regret loving it so much. But ah well. Hopefully it doesn't happen til I'm dead or old enough not to care.

Damn, I concur~!

 

[imported_LoKe]

Should I just bow down now?

What happens to PayPal is eBay goes out of business? GooPal?

 

[pennylane]

Originally posted by: LoKe
Should I just bow down now?

What happens to PayPal is eBay goes out of business? GooPal?

You mean GooBay?

 

[SynthDude2001]

Originally posted by: fanerman91

Originally posted by: LoKe
Should I just bow down now?

What happens to PayPal is eBay goes out of business? GooPal?

You mean GooBay?

eGoo?

 

[Juno]

Originally posted by: SynthDude2001

Originally posted by: fanerman91

Originally posted by: LoKe
Should I just bow down now?

What happens to PayPal is eBay goes out of business? GooPal?

You mean GooBay?

eGoo?

eMarket?

 

[imported_LoKe]

I asked what would happen to paypal, not eBay. -,-

 

[Juno]

Originally posted by: LoKe
I asked what would happen to paypal, not eBay. -,-

Google would set up a new "PayPal" service, I guess. ePay or whatever it is called.

 

[EmperorIQ]

the are turning into a monopoly.

 

[dc]

/me sits around wondering when the anti-google movement will start/gain momentum.

 

[Juno]

Originally posted by: EmperorIQ
the are turning into a monopoly.

I think I should buy Google stocks and become a rich arrogant bastard!

 

[AgaBoogaBoo]

Originally posted by: EmperorIQ
the are turning into a monopoly.

My same thoughts

 

[aplefka]

Originally posted by: dc
/me sits around wondering when the anti-google movement will start/gain momentum.

I know. I'm just wondering how they're spreading themselves so thin. I've got a friend who starts there in August, hopefully he'll be part of some new project then I can feel like I have an inside scoop.

 

[gsaldivar]

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