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.
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