-Beta News
Google confirmed Thursday that it was working on and beginning to test an online payment system, but said it was nothing like PayPal and would not compete with the market-leading service. Instead, Google is looking to solve "new problems in the payments space," says CEO Eric Schmidt.
What is known from Schmidt's comments at a magazine meeting is that the service would focus on advertisers, and was not necessarily intended for the general consumer. He declined to explain further. Analysts see no reason why Google would not -- and should not -- expand to the average consumer.
Rumors of a Google payment service first surfaced in June of last year. The Wall Street Journal at the time reported of rumblings among industry executives that the search giant had plans for a "Google Wallet." Also last year, Google filed incorporate an entity called Google Payment Corp. in California.
This is interesting. I just read that Paypal was having some problems, which i am posting about next. So maybe this will be a good chance for this Google product. I am wondering what it will be like, what it can be used for, and if they plan on using only for businesses. I guess we will see.
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