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.

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