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Google Wallet May Compete With Paypal

Zonk posted more than 9 years ago | from the showdown dept.

Google 335

theskeptic writes "According to the WSJ, Google plans to offer an electronic-payment service that could help the Internet-search company diversify its revenue and may heighten competition with eBay's PayPal unit. Codenamed Google Wallet, a payment service could represent a significant expansion beyond online advertising, which generated 99% of its $3.2 billion in revenue last year. Google's move could potentially threaten eBay's successful PayPal service, which generated $233.1 million, or 23% of eBay's revenue in the first quarter."

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first post? (-1, Offtopic)

Anonymous Coward | more than 9 years ago | (#12853393)

first post?

geezus slashdot sucks! (-1, Offtopic)

10110100 (891439) | more than 9 years ago | (#12853394)

join the anti-slash jihad [anti-slash.org]

Too late (4, Interesting)

Jason1729 (561790) | more than 9 years ago | (#12853400)

www.gwallet.com is currently owned by a domain squatter.

Re:Too late (4, Interesting)

athmanb (100367) | more than 9 years ago | (#12853430)

They'll go wallet.google.com anyway.

Re:Too late (3, Funny)

rbarreira (836272) | more than 9 years ago | (#12853476)

Someone buy that, quick!

Re:Too late (1, Informative)

Anonymous Coward | more than 9 years ago | (#12853529)

Someone buy that, quick!

Umm... I think Google already owns the domain google.com. Unless they're planning to sell a contract for the subdomain, it's already theirs lock, stock, and barrel.

Purchase domains much?

Re:Too late (3, Funny)

goodcow (654816) | more than 9 years ago | (#12853593)

Someone clearly missed the funny.

Re:Too late (0)

MoonBuggy (611105) | more than 9 years ago | (#12853557)

Don't worry, it'll go something like this:

Squatter: Ha ha, I'm not selling for less than a billion dollars cash.
Google: Is $2billion in stock OK?
Squatter: Woohoo, I'm rich.
*3 seconds later*
Squatter: What do you mean Google stock just bombed? Are you telling me a company that made $3billion last year _isn't_ worth $80billion?

Re:Too late (0)

Anonymous Coward | more than 9 years ago | (#12853582)

I think it is fair to say that the person who reserved that domain god knows how long ago just soiled his undergarments.

Re:Too late (1)

Skim123 (3322) | more than 9 years ago | (#12853629)

Ditto www.GoogleWallet.com. Was registered just yesterday.

Re:Too late (1)

CardiganKiller (854899) | more than 9 years ago | (#12853695)

So what happens when Google gets into the twine-related industry? Cause I think that domain is probably taken.

I'm not talking about gtwine.com either.

good, paypal needs competition (5, Informative)

marcybots (473417) | more than 9 years ago | (#12853404)

Having used paypal and ebay when selling, I know well that the fees and such add up quickly when using these services. I didnt even use all the special junk they try to push on you like bold headings, gallery etc and I still wound up paying 11 dollars to sell a 75 dollar item...thats robbery. Hopefully this google wallet will make paypal's credit card use fees come back down to earth.

Re:good, paypal needs competition (2, Informative)

arodland (127775) | more than 9 years ago | (#12853497)

Most of that was eBay listing fees. Paypal fees are usually only a few percent, and only on certain transactions (others are free).

I agree - I look forward to Google Wallet (4, Interesting)

Famatra (669740) | more than 9 years ago | (#12853498)

I agree with you, I look forward to a viable alternative to paypal. I am not please with Paypal after having had a false charge back happen against me, and being pinged for an aditional $10.00 as well as losing the original money. Paypal sucks [paypalsucks.com] has more horror stories too, and I offer some advice if you have to do business with paypal:

  • Make sure your checking account is deposit only. You can have this specified in writing, but another way is to have the account be joint co-signed so both parties have to sign to take something out if you have a significant other. This way paypal cannot take money out of your account (which in the terms of service last time I saw you give them permission to take money out of your account to settle balances with them).
  • Keep a minimum amount of money in your paypal account.

Since google seems to be holding to its 'do not evil' policy they should make a for good competitor with customers fed up with paypal. I wouldn't mind seeing a google auction site to compete with ebay (Paypal's owner) as well :).

Re:I agree - I look forward to Google Wallet (0)

Anonymous Coward | more than 9 years ago | (#12853532)

Keep a minimum amount of money in your paypal account.

Why? Do they let you keep overall more of your money if you do?

Re:I agree - I look forward to Google Wallet (4, Informative)

MindStalker (22827) | more than 9 years ago | (#12853609)

No but paypal often locks up entire accounts over a complaint. So if you frequently keep hundreds of dollars in your account, you could be royally screwed and put out of buisness over one false complaint. So you funnel the money into another account as quickly as you can and don't let paypal take it out.

Re:good, paypal needs competition (5, Interesting)

antifoidulus (807088) | more than 9 years ago | (#12853515)

Not to mention that they force things on you that you don't want and blame YOU when they fuck up. They offered a "Pay with your bank account" service(mostly so they could get away from the high credit card fees but still charge the recipient), I didn't want to use it though, so I chose to pay with my credit card. However, they chose to use a bank account in which I had the minimum balance in(I kept it around in case I needed a loan from the bank as they have cheap rates for members). So then I got a message from paypal saying that there were insufficient funds and used my Discover card to cover it. Furthermore, they were going to retry in 2 days(I don't know why, I paid the god damn money). I was away from my email for a few days and didn't notice it, by the time I did I had over $80 in fees from the bank. Fortunately my bank forgave the fees but I closed down my paypal account right away.

The worst part about it was that when I called up customer service to complain, they blamed me. I tried to tell them that in fact I am not a moron and made sure to pay with my card(since I never wanted the bank account service in the first place) but they continued to blame me. Not to mention the manager was a real ass......I hope they die a quick death

Re:good, paypal needs competition (4, Interesting)

nametaken (610866) | more than 9 years ago | (#12853687)


PayPal does indeed blow. This is coming from someone who has used it as a small merchant and as a buyer.

As a merchant, I was more than a little peeved when I used the method of buying from myself and immediately refunding payments, as their manual suggested, and they processed the payments anyways (days later) against a checking account. Ok, so the manual didn't mention that they will still process cancelled transactions... fine. I called them to get it straightened out (really to let them know they should say that in the manual) and I was actually yelled at, and then hung up on. I couldn't believe this. I said screw em, and had my bank reverse the charges as fraudulent withdrawls and filed a complaint with the Better Business Bureau who has regular meetings with the fucks at PayPal.

As a buyer I have had all kinds of problems as well. I personally can't wait for Google to become the standard... even if I DO normally worry about Google branching out. We're in desperate need of an alternative.

Re:good, paypal needs competition (4, Interesting)

Mold (136317) | more than 9 years ago | (#12853565)

Yeah, the fees shocked me the first couple of times. They sound okay in thoery, but when they actually hit, you realize how bad they are.

I hope this works out, but I'm wondering how long it will take to become widespread. I'm not really sure how much I would use it. I mean, I use it for a couple of small sites, and donations, but other than that it's pretty much just for eBay. Oh well, I'm sure someone will find a good use for it.

I'm amazed Google is going with something that can't be in Beta.

Re:good, paypal needs competition (3, Insightful)

JanneM (7445) | more than 9 years ago | (#12853640)

I agree about the competition, but I would have hoped for a competitor that wasn't based in the same country. This means that both options are still subject to the whims of one country and its political and economic prticulars.

Woohoo! (0)

Anonymous Coward | more than 9 years ago | (#12853406)

I hope they do and it's a reliable service. This is where the 'do no evil' thing _has_ to kick in.

Paypal suck and I don't think there's anyone who'll say they do no evil. A reliable, and inexpensive, means of micropayments is long overdue.

And so, (-1, Offtopic)

SushiFugu (593444) | more than 9 years ago | (#12853407)

And so it begins.

Re:And so, (0)

Anonymous Coward | more than 9 years ago | (#12853478)

Yes, but Zen Master.

Where does it end?

Re:And so, (0, Offtopic)

jsweval (693114) | more than 9 years ago | (#12853527)

Crap comment

What lays ahead (3, Interesting)

simulacrum25 (664049) | more than 9 years ago | (#12853408)

This could lay the foundation for Google to introduce paid services. It would certainly ease them into it if people already use Google Cash.

It's also nice to see some competition to Paypal. Ebay has done a pretty good job with it IMO, but too much of a monopoly for me to be comfortable with.

Re:What lays ahead (1)

bhtooefr (649901) | more than 9 years ago | (#12853570)

Google Answers is already a paid service, FWIW.

Wallet? (4, Funny)

Pig Hogger (10379) | more than 9 years ago | (#12853409)

How about Goopay? Goopal? Paygoo? Palgoo? Paygle? Paygle?

GAYPOO (-1, Troll)

Anonymous Coward | more than 9 years ago | (#12853459)

fart

Re:Wallet? (2, Funny)

ikkonoishi (674762) | more than 9 years ago | (#12853472)

Google + Money = Moogle

Re:Wallet? (3, Funny)

N3Roaster (888781) | more than 9 years ago | (#12853486)

Google + Money = Moogle
Kupo?

Re:Wallet? (1)

slavemowgli (585321) | more than 9 years ago | (#12853480)

How about Poogle? It would probably lead to a lawsuit by Neopets, but it actually sounds nice enough (which, incidentally may be one of the reasons the word is used on Neopets).

If that doesn't work, it could always be varied a bit - Poodle comes to mind, for example. Or how about Bagel? :)

Re:Wallet? (4, Funny)

arose (644256) | more than 9 years ago | (#12853487)

Rooble.

Re:Wallet? (1)

Squareball (523165) | more than 9 years ago | (#12853493)

Missed one "GayPal"

Re:Wallet? (1)

MonoNexo (843458) | more than 9 years ago | (#12853520)

Google Wallet = Waggle?

Re:Wallet? (1)

benchbri (764527) | more than 9 years ago | (#12853595)

It's obvious. Gmoney. You know, down with the g-money. God, I'm white.

Re:Wallet? (0)

Anonymous Coward | more than 9 years ago | (#12853603)

Paygle?

Redundant.

GooPay? (1)

binaryspiral (784263) | more than 9 years ago | (#12853620)

Sounds like a porn payment service... scratch that one off the list - please!

Hope they include a nice micropayment system. (2, Funny)

Eunuch (844280) | more than 9 years ago | (#12853410)

So people can donate to the projects they rejected for the summer of code.

Various obligatory posts (0, Redundant)

Council (514577) | more than 9 years ago | (#12853413)

Obvious jokes:

Will the credit card numbers be searchable? (possibly including a wry link to the Google search for visa-format numbers that's so startling)

Well, I'm sure there'll be SOME aspect of my life Google doesn't know everything about.

Obvious theme of discussion:

Evil plot for world domination or Google just bringing helpful service?

Obvious joking twist on discussion of Google's evilness:

Well, even if they . . . whatever. I don't even care anymore. My life is a sham.

Re:Various obligatory posts (0)

Anonymous Coward | more than 9 years ago | (#12853456)

mod parent -1, annoying

Re:Various obligatory posts (1)

spellraiser (764337) | more than 9 years ago | (#12853479)

Way to go. Now I don't care anymore either. Plus I've nothing to add to the discussion. Way to ruin a Saturday night.

F*** it, I'm getting drunk.

Hmm - on second thought, seems you actually just made my night. Cheers!

Re:Various obligatory posts (1)

Council (514577) | more than 9 years ago | (#12853503)

wanna go to a bar or something?

Re:Various obligatory posts (1)

spellraiser (764337) | more than 9 years ago | (#12853526)

Yeah, that sounds good. If you want to join me, I hope Iceland isn't too far out of your way.

Flamebait? (0)

Anonymous Coward | more than 9 years ago | (#12853416)

A lot of you won't like to hear it... But isn't google trying to get a monopoly on everything that is on our planet? I love google itself, I love gmail, and froogle too.

little offtopic > They could split it all up in different companies, this would make competition possible on all the fields they are working on.

Re: Flamebait? (4, Interesting)

Black Parrot (19622) | more than 9 years ago | (#12853485)


> A lot of you won't like to hear it... But isn't google trying to get a monopoly on everything that is on our planet?

They may turn out to be the Microsoft of the internet era. However, so far they haven't shown signs of being a great evil, and their stuff isn't crap.

Re: Flamebait? (0)

Anonymous Coward | more than 9 years ago | (#12853544)

I am the poster of the post you replied to.

Google might be doing whatever they do completely right now, but couldn't that be because they are succeeding? Microsoft has been good for computer technology, they made stuff unified, but now they won't give the data we need (protocols etc). I am not extremely sure, but I do believe there should be some OpenSource searching systems etc. I love google etc, but competition must be there!

Maybe I am just a wheener that has had it with Microsoft, and maybe I just don't wish the world to have a second firm like that... George Orwell warned us, we failed to see it once, please dudes, don't let that happen twice!

With the mixed feeling (loving google for their new service / being affraid what the future will give us) I'm going to bed.

NOTE: Stop reading from here, next is just crap

So SICK
love you google
but split
but will love you otherwise too
but just split in different companies please
love you google

Re: Flamebait? (1)

bhtooefr (649901) | more than 9 years ago | (#12853583)

While I agree that competition is a Good Idea(tm), I've got a friend who insists on using MSN Search, as opposed to Google. She doesn't trust Google. I can't help but laugh when she tells me this ;-)

And, no, that's not why I'm not with her. I don't think she's got any problem with my political viewpoints (she agrees with most of them) or my interest in computers.

Re: Flamebait? (1)

magefile (776388) | more than 9 years ago | (#12853588)

So far, they haven't. But they will eventually, as Page & Brin aren't around to enforce corporate culture, it'll probably drift. If not before. But then, I don't do anything over Gmail that is even remotely private - and I try to avoid putting such things on any email account, anywhere.

Competition is a good thing.... (5, Insightful)

erick99 (743982) | more than 9 years ago | (#12853417)

I had an eBayer complain about a transaction and PayPal did not just set aside the amount of the sale which was small - they locked out my entire account which had a ripple affect with other auctions I was running. By the time I was exonerated I had taken a beating. I am not opposed to competition if it might reduce some of this heavy handed behavior.

Re:Competition is a good thing.... (2, Informative)

Sancho (17056) | more than 9 years ago | (#12853438)

Lots of similar horror stories:

http://paypalsucks.com/ [paypalsucks.com]

Yeah, lots of similar horror stories (0)

Anonymous Coward | more than 9 years ago | (#12853592)

... from 1998.

Google is about to find out just how many morons there are out there. If they actually are planning to offer an online payment service, I don't envy them.

Coming soon: GBay? (5, Interesting)

LostCluster (625375) | more than 9 years ago | (#12853432)

With Google coming up with their own PayPal, they're halfway to coming up with a full eBay-killer auction site. Imagine being able to create an auction that'd show up whenever somebody searches Google for the product's name....

Re:Coming soon: GBay? (2, Funny)

Entropy_ah (19070) | more than 9 years ago | (#12853538)

From the same story [fark.com] on fark.com:
Bahamut: GBay sounds like bj, which is slang for oral sex.

Yes (0, Troll)

eclectro (227083) | more than 9 years ago | (#12853433)


I, for one, welcome our new google pay overlord.

Cool! (4, Funny)

maelstrom (638) | more than 9 years ago | (#12853440)

Now Google can store my e-mail, remember my searches, know who all my friends are, know where I'm driving, and know all my finances :-D

Good job!

Re:Cool! (2, Interesting)

tomjen (839882) | more than 9 years ago | (#12853494)

Remember, that the NSA recently retired carnivore - suppose that there replacement was google. Now that is a scary idea.

Re:Cool! (1)

RickPartin (892479) | more than 9 years ago | (#12853581)

Usually this mass takeover of the world by one company type of thing scares me. But how can you not like Google? Would you rather it be MS? *shivers*

This seems reasonable... (5, Interesting)

Eberlin (570874) | more than 9 years ago | (#12853441)

Provided Google can somehow use their branding to reflect reliability, security, and stability -- I'd trust them with money. Feed the fear about paypal's insecurities and you've got yourself a deal.

Perhaps a business link through Froogle could prove beneficial, too. You know, "preferred customer" type scenario.

In the end, though, I really do think we should start worrying about the amount of information Google collects. Searches, identity, e-mails, and with this thing, buying trends and other financial information. Yeah, we love 'em...but their capacity for evil is growing and becoming a bit more scary.

Google v. eBay (5, Interesting)

TeacherOfHeroes (892498) | more than 9 years ago | (#12853444)

How long until google branches out to the point where they're in direct competition with eBay. From google wallet to google auction.

You get to use google's extra-spiffy search features to find exactly what you're looking for. Plus, google would probably be able to create something 10x less cumbersome and akward than ebay's interface.

And with Google Maps (1)

TimeTraveler1884 (832874) | more than 9 years ago | (#12853574)

And with Google Maps, the path that the stolen item has taken to get in to the buyers' hands can be interactively displayed! Useful if the item is in poor condition, as you can bitch at the original owner.

Re:Google v. eBay (1)

jbarket (530468) | more than 9 years ago | (#12853605)

We can only hope. eBay has become a menace.

I sell high range PCs, and (several months ago) decided to go back to my "eBay roots" and see how things went there. What I discovered is that eBay Stores have become a way to oversaturate every category known to man with items that don't even exist (Sure, I have 500 AthlonFX PCs for sale, as long as you buy them and are willing to wait for me to order parts and assemble them). To make matters worse, all of those items were featured and all the rest of eBays standard BS, so there are apparently newer ways to be featured that cost even more.

Absolutely insane.

Ties to Froogle? (4, Insightful)

Dark Paladin (116525) | more than 9 years ago | (#12853451)

If Google's going this way, it might be just as easy to tie it into the Froogle service: let people find the item they want, then pay for it from the same interface.

In time, they could introduce their own eBay like system. Odds are, eBay won't just let Google Wallet into their system and people would have to do payments manually (they way they used to with Paypal). But if Google builds off of Froogle and inserts themselves as a middleman, it would be an effective way of getting extra revenue and balancing out their ad system.

Just a random thought - naturally, I could be wrong.

Re:Ties to Froogle? (3, Interesting)

slavemowgli (585321) | more than 9 years ago | (#12853489)

Odds are, eBay won't just let Google Wallet into their system and people would have to do payments manually [...]

In that case, I wouldn't be surprised if Google actually sued eBay for using a near-monopoly in one sector (online auctions) to help maintain one in another sector (online credit card payments). And personally, I think it wouldn't be without merit, either.

But then, of course, IANAL.

Re:Ties to Froogle? (1)

XorNand (517466) | more than 9 years ago | (#12853548)

You can't sue a company for just being very successful. What sense would that make? There are plenty of other auction sites around the net. Just because they have a small fraction of the market isn't because of any nefarious behavior on ebay's part.

Re:Ties to Froogle? (3, Insightful)

slavemowgli (585321) | more than 9 years ago | (#12853606)

Abusing monopolies *is* not allowed, though. It's not that you can't be successful; it's just that if you are to a point where you are pretty much the only player left in the field, you're not allowed to use your market share to shut out others.

It's like Microsoft bundling IE with windows, for example - using an OS monopoly to create a browser monopoly. For a similar, less historic example, check what's behind the EU's requirement that M$ make a windows version without media player available. Contrary to what it might seem like, it's not just some bureaucrats running amok; rather, the fundamental idea is that by creating a more level playing field where no single player can bully everyone else, the customers will ultimately benefit. Which, incidentally, is the whole idea behind capitalism.

Credit Card Processing Racket (2, Interesting)

dduardo (592868) | more than 9 years ago | (#12853454)

I find that the rates are incredibly high for what these companies do. Credit Card validation over the internet should be a relatively easy process, but there are so many middle men in the business that it's crazy. Visa, Mastercard, etc issue the cards, why can't I deal with them directly?

Re:Credit Card Processing Racket (1)

anthony_dipierro (543308) | more than 9 years ago | (#12853568)

Visa, Mastercard, etc issue the cards, why can't I deal with them directly?

Well, Visa and Mastercard don't issue the cards. You can deal with a merchant bank account, which is pretty direct, but if you're just running some rinky dink website either your application is going to be denied or you're going to pay pretty much the same fees you pay with paypal plus some start up costs and monthly fees.

The Trust Factor (3, Interesting)

lheal (86013) | more than 9 years ago | (#12853458)

Just about everybody trusts Google.

I trust PayPal/Ebay, but less than I trust Google.

As long as Google Wallet can keep away from either a financial scandal or a security breech, they should eat Ebay's lunch -- except on Ebay.

I really hope they go through with that (5, Insightful)

slavemowgli (585321) | more than 9 years ago | (#12853463)

I *really* hope they go through with that. So far, PayPal has what is pretty much a monopoly on online payments; there's alternatives like Moneybookers, but few people even know about them, and PayPal has consistently and systematically abused its monopoly by imposing more and more unreasonable restrictions.

Two that annoy me the most, personally are the fact that you can't use it for "adult" transactions, and that it's quite limited with regard to how you can get your own money that sits in your own account in many countries outside of the USA. In fact, there is a list of countries where the only available option is transferring the money to a US-based bank account - which really is ridiculous when you think about it. It may not matter much to the average US citizen, of course, but think about it - what would you say if you found out that the online payment service you used to have people pay for the stuff you sold on eBay only allows you to transfer the money to a bank account in - say - Uruguay?

PayPal's policies are consistent with those of eBay, though (its mother company nowadays); like eBay, PayPal is entirely inconsiderate of its users, a stark contrast to Google's "do no evil" philosophy.

Let's hope that Google will revolutionize online payments the same way they revolutionized searching, and let's also hope that PayPal will soon be just as forgotten as Hotbot, Northernlight, Mamma and all the search engines we used before Google was there.

Re:I really hope they go through with that (1)

anthony_dipierro (543308) | more than 9 years ago | (#12853531)

The problem is much bigger than Paypal, though. Visa and Mastercard are the real duopoly, and the shit rolls down from there. And once you've agreed to accept Visa/Mastercard, they force you to charge the same fees whether the person pays by credit card or not. Unfortunately, I don't think even Google has enough power to successfully fight Visa/Mastercard, so I doubt Google payments will be revolutionary.

PayPal can not do anything for me- goodluck google (2, Insightful)

dbIII (701233) | more than 9 years ago | (#12853639)

In fact, there is a list of countries where the only available option is transferring the money to a US-based bank account - which really is ridiculous when you think about it
The list is/was very large - and even if you were not on it if you had a credit card with a numbering scheme not used in the USA (ie. both my mastercard and visa) you couldn't use paypal. These and other policies are the reason we still pay surprisingly large fees to Wells Fargo to get small amounts of cash to another country instead of there being an easy on line solution where the costs of a fraction of a cent per transaction are not mutliplied by a few thousand percent to charge to the customer.

Google could do very well in this situation to the benefit of all. The greed of the banks is probably preventing them from making a lot more money by charging less on what would be a lot more transactions.

Finally! (5, Interesting)

OverflowingBitBucket (464177) | more than 9 years ago | (#12853481)

Finally!

It's about damn time a company with a reputation like Google's got into this area. I hate PayPal with a passion; they wouldn't accept one of my credit cards for an online payment (there were no other choices for the site I was paying), so I contacted their support. Guess how that went? Long story short, two automated emails and one "we won't help you" email over a few weeks. They don't want to help you, they just want your money. Also check out the horror stories of frozen accounts floating around the web.

Another guide to these type of sites is how many hoops you have to jump through to actually contact them. Try it, drop by and click through. See how long it takes to contact someone.

Anyway, sub-rant over. Imagine how a company like google could shake up this area. It's about time a reputable company came in and did a good job. Maybe even micropayments or something similar in the future? I imagine online comic creators would love that one. :)

Small or Micropayments would be nice (4, Interesting)

WoTG (610710) | more than 9 years ago | (#12853483)

If you send a couple bucks via PayPal, even if the sender has a positive account balance (i.e. no CC transaction costs exist), the fees are quite hefty, percentage wise. (The minimum transaction fee is USD 0.3).

It would be really nice to get a break on small transactions, especially ones that don't incur CC costs.

I'm Feeling Lucky (2, Funny)

slashmojo (818930) | more than 9 years ago | (#12853496)

This special offer ebook costs just $100! *

[Buy This] [I'm Feeling Lucky]







*and might rebill at $100 per month.. if you forget..

And Google become regulated... (4, Insightful)

G4from128k (686170) | more than 9 years ago | (#12853500)

Getting into payment systems will expose Google to new levels of regulation that may affect user's privacy. Regulations related money laundering and anti-terrorist laws may force Google to collect and turn-over data on users of its payment service. I wonder if those rules might also force Google to turn-over other data on "customers of interest".

Having all your information (your banking, your email, your internet search activities) in one basket makes it a tempting target for government.

Good. Paypal needs this. (2, Interesting)

Ralph Spoilsport (673134) | more than 9 years ago | (#12853502)

Paypal sucks - they'll freeze out accounts, or: what's worse: they'll empty your bank account and completely fuck your life up.

For some horror stories on who PayPal really doesn't give a shit about you, go here:

http://www.paypalsucks.com/ [paypalsucks.com]

read it and weep.

Paypal needs the competition - especially from a company like Google that professes a higher sense of ethics.

RS

Re:Good. Paypal needs this. (1)

johansalk (818687) | more than 9 years ago | (#12853541)

That paypalsucks site you linked to is set up by a paypal competitotr.

Re:Good. Paypal needs this. (1)

Nasarius (593729) | more than 9 years ago | (#12853630)

Evidence?

I will NOT use it... (0, Flamebait)

johansalk (818687) | more than 9 years ago | (#12853516)


Not a chance in hell! At the risk of being modded down into oblivion by google fanboys, I will NOT use such Google Wallet. Google already knows WAY too much about me and I have only been willing to use its services in as much as I have had a faint, albeit not exactly true, hope in being at least slightly anonymous to them.

Now they want my name, address, and bank details?!!

Has anyone seen the sign-up forms for Orkut?! Google is hedious! I have never come across *anyone* online who expressed such an interest in expecting me to provide them with SO MUCH personal information about me! No one ever even dared to ask. May all those who are suckered by "Google doeth no evil" just suck it!

Re:I will NOT use it... (1)

wetdirtmud (890895) | more than 9 years ago | (#12853633)

Why not sign up..? Everyone in the world will eventually be controlled by google anyways, so at least join now so you don't look like an ass in the future. ;) Also, I think google would have no reason to steal the information of every middle class person in America. If you're a billionaire, I can see why you would avoid google; if not, what do you have to lose? A Ford F150 and a two story house? Comes as a small price for such great services.

Re:I will NOT use it... (1)

Gothmolly (148874) | more than 9 years ago | (#12853651)

So don't use Orkut, troll.

Re:I will NOT use it... (2, Funny)

Nasarius (593729) | more than 9 years ago | (#12853683)

And for every search, Google kills a kitten! OMG!!!1111!!!!!!

What! (4, Funny)

creimer (824291) | more than 9 years ago | (#12853533)

Google wants my wallet! The next thing they want will be my first born. Sheesh... I thought Microsft was bad; they only wanted my soul.

Adsense (3, Insightful)

shird (566377) | more than 9 years ago | (#12853535)

Id say one of the significant reasons for Google doing this is for payments to and from adsense publishers and adwords advertisers.

Currently they just send cheques in the post every month to publishers, which is crazy for overseas publishers and must increase their costs a fair bit. They don't use services such as Paypal due to the fees.

It would also help in obtaining money from advertisers for adwords.

Google deals with a lot of (sometimes small individual units of) money from publishers and advertisers, and their current system would be far better off if it were handled online through themselves.

Re:Adsense (0)

Anonymous Coward | more than 9 years ago | (#12853663)

Currently they just send cheques in the post every month to publishers No, they do direct deposit to checking accounts now. Very handy.

So by "competing with PayPal"... (1)

Fantasy Football (886971) | more than 9 years ago | (#12853542)

they'll have even worse customer support, lose more of our money, and piss of EVERYONE?

Can't wait!!!

revolutionary, evolutionary or just scary? (-1, Troll)

Anonymous Coward | more than 9 years ago | (#12853555)

Scaranoid Scenario:

What type of information does anyone need access to?
If G__gle's mission is to Do_No_Evil how does doing anything along the lines of entering financial services jibe with that mission statement? It doesn't.

Information aggregation beyond indexing encyclopedia and archival knowledge is just plain prone to abuse. Sure, you can trust Google more than another company. But, when other financial services institutions are prone to abusing consumers' information, losing it or allowing it to be stolen how the heck do you trust a new school firm any more than an old school one? Oh. The company deserves success. That's right. Blind Faith for an "underdog". ffft.

If G__gle enters this biz, doesn't that just mean they have to comply with C.E.R.T.A.I.N. A.C.T.s that /. readers aren't too keen on? wouldn't G__gle have to report certain transactions and the opening of new accounts to authorities? Wouldn't, couldn't authorities just demand whatever info the Grand God G__gle has on whomever?

If G__gle is doing anything worthwhile it is making the Our Permanent Record real and accessbile beyond what other similar info brokers already do.

fft. lame. The Big G depends on other companies for money, not individuals. When does the Big Sell Out or Mess Up occur?

G name (1)

Christoff Ka Sin Chu (839334) | more than 9 years ago | (#12853558)

Will it be...

Gaypal?

Sorry.

CC

kill'em all (2, Interesting)

papar (893096) | more than 9 years ago | (#12853572)

Google is really trying to take over the world and the way they're conquering different internet services is just frightening. I wouldn't be surprised if they would announce a new googlebay (or whatever) online marketplace in the next few years. They are tightening their grip and it's strong! Could they really kill'em all and succeed in taking over the internet?

Beta? (1)

ralejs (779782) | more than 9 years ago | (#12853579)

I just hope for Google's sake they don't make Google Wallet a Beta when they first release it. I wouldn't trust my money to something that said Beta on it. When all your money suddenly disappears you'll get some more guarantees than just: "Sorry, this service is still in Beta and don't say we didn't warn you".

natural progression (5, Insightful)

enrico_suave (179651) | more than 9 years ago | (#12853604)

Google basically made it's own micropayment transaction system internally to handle the accounting of google adwords and adsense revenue changing hands in millions of transactions every day.

They just needed to take the next logical step with it.

e.

What if we have it all wrong? (1)

SleepyHappyDoc (813919) | more than 9 years ago | (#12853610)

What if the massive cluster they have going has acheived sentience, and is controlling the minds of Page and Brin? All this information they're accumulating could be a prelude to the ultra-efficient subjugation of the human race by helpful, deadly, autonymous little Googlebots!

Final name... (0)

Anonymous Coward | more than 9 years ago | (#12853623)

Codenamed Google Wallet...


Final Name: Google Wallet

One question (0)

Anonymous Coward | more than 9 years ago | (#12853625)

How hard would it be for Google to buy Paypal and eBay?

I have had good luck with PayPal (1)

elgee (308600) | more than 9 years ago | (#12853632)

No problem in a couple of years of sending and receivng money. However, they definitely need a good competitor and Google can do it. I also like the suggestion by someone that Google start its own auction site. Ebay needs competition in all areas and Yahoo auctions never went anywhere.

Google is the new.... (0)

Anonymous Coward | more than 9 years ago | (#12853638)

Giant corporation, soon to eat all of your personal information alive.

And most of you are totally clueless or so fucking lazy that you are unmoved to react.

Too well entertained...

If you believe this to be a tRoLL, then all is lost for western society.

Google Wallet? (0)

Anonymous Coward | more than 9 years ago | (#12853655)

I think they should codename it "G-Unit" instead so it would go more along with G-mail.

Anyone who thinks otherwise will be shot in the face nine times.

An alternative to PayPal would be great! (1)

QuietLagoon (813062) | more than 9 years ago | (#12853664)

I am particularly annoyed at PayPal spamming me to get my account "verified". What they really want is for me to give them direct access to my checking account, so anyone who gets into the PayPal systems can remove money from my checking account. I continually refuse to allow PayPal such access. As a result, PayPal made me close my account because I was over the limit for "non-verified" accounts.

Throughout all of this, I was unable to get a reply from a human being in their Customer Service department. All I received were canned replies telling me how wonderful it is for me to "verify" my account.

PayPal has never been able to explain to me the reasons why being "verified" was A Good Thing for me, or why it was anything more than a possible security mess with my checking account.

A sneak preview... (1, Interesting)

Duncan3 (10537) | more than 9 years ago | (#12853670)

Picture it... A "confirm" button... surrounded by 427 text ads for related products.

I already have to goto at least page 3 to find anything, because the first few pages of google results are fake sites, keyword bait, and crap not even containing the words I used.

Lets not forget what Google is, an ADVERTISING company, that want to know everything about everythign you have done and ever will do, so they can sell YOU to companies.

No, Google past the "big brother" line long ago, now they want to be a bank too? They will force Ebay to stop taking 15% of all transactions, and that's good, but Google is getting seriously scary.

Micropayments (1)

fulldecent (598482) | more than 9 years ago | (#12853680)

What do you think about them supporting micropayments? Is there anything that they could tie in with micropayments?
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