June 22, 2005, 12:00 AM

Google is developing online payment product, but not to go against PayPal

Top web search engine Google is developing an online payment product, but not one that will compete directly with eBay’s PayPal, CEO Eric Schmidt said in a statement today.

Top web search engine Google.com is developing an online payment product, but not one that will compete directly with eBay Inc.’s PayPal, CEO Eric Schmidt said in a statement today.

Schmidt was responding to published reports that Google is preparing to launch an electronic payment product to compete with PayPal, the pioneering online person-to-person payment service.

“We do not intend to offer a person-to-person stored-value payments system,” he said, adding that “the payment services we are working on are a natural evolution of Google’s existing online products and advertising programs.”

Google declined to give more details. Google in March began testing a third-party electronic funds transfer service to send payments to sites that carry its ads.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Jake Nickell / E-Commerce

What one web retailer learned from a bricks-and-mortar test

Threadless has closed its one physical store but found other ways to get its artist-designed ...

FPO

Devika Girish / E-Commerce

Eight lesser-known uses of beacons for retailers

Beacons, which communicate with consumers’ smartphones, are most often used to welcome shoppers to stores ...

Advertisement