Google CEO Confirms Online Payment System

didde writes "Reuters is reporting on statements that Google's CEO Eric Schmidt had made regarding Google's upcoming payment system. Apparently they're not looking to compete with PayPal." From the article: "Schmidt said Google does not intend to offer a 'person-to-person stored-value payments system' like PayPal's, in which money briefly resides in PayPal's control during the transaction, but he did not give details of how the Google system would differ."

That's a coincidence...

[gowen]

Because I'm starting an international chain of fast food hamburger restaurants, but I'm not looking to compete with McDonalds and Burger King.

I wonder ...

[spellraiser]

Perhaps the system will differ in that the money will reside permanently in Google's control ...

That's how I would design a system like this - and then 'disappear' to a tropical island.

Oops ... I said to much, didn't I?

*Disappears to a tropical island*

How does this work?

[crlove]

I guess I don't understand how they can do this without the money at SOME point being in their control.

I mean, what else are we looking at?

"With GooglePay you write a check directly to the person you're paying, then write another check for 3% of that amount to Google. Easy!"

Bank search

[Anonymous Coward]

Great, what I always wanted, a way for everyone to search for my financial transactions.

Google Search for Money? [I'm Feeling Lucky]

[ArielMT]

If I used Google's payment system, would I be able to google for my missing micropayments? And how long would it stay in Google's cash -- er, cache?

Overloads

[Anonymous Coward]

I for one welcome our new Google overlords...

Re:Good Riddance!

[fracai]

pfft, that's easy. just artificially increase your shipping costs like everyone else does. if you're feeling generous offer a "special paypal haters rebate" if someone pays without using paypal.

Re:Please compete with paypal.

[michrech]

First my auto insurance company, now you.

GEEZ. You people are so insensative!

I'm outa' here!

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telnet://sinep.gotdns.com [gotdns.com] -- TW2002 and LORD (along with others)!

Re:What you meant to say was

[ArielMT]

Judging from the responses, it seems PayPal really does need a hole in the head.

Re:Another speculation?

[Eclypser]

It's like taking a penny from the penny jar. Only we're not taking a whole penny, just fractions of it. And we're doing it a couple million times.

So how is that not stealing?

Crackpot Theory

[ccnull]

Google won't be competing with Paypal but with the US Dollar by introducing an entirely new currency. Googlebucks, anyone?

Re:What you meant to say was

[Andrew Cady]

What we need is a hole in Paypal's head.

Dear Google

[swordgeek]

BS all you want for the media, but PLEASE compete directly with those criminals at paypal! I want that unjust monopoly broken in half!