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Google CEO Confirms Online Payment System

Zonk posted more than 8 years ago | from the your-g-branded-online-wallet dept.

Google 251

didde writes "Reuters is reporting on statements that Google's CEO Eric Schmidt had made regarding Google's upcoming payment system. Apparently they're not looking to compete with PayPal." From the article: "Schmidt said Google does not intend to offer a 'person-to-person stored-value payments system' like PayPal's, in which money briefly resides in PayPal's control during the transaction, but he did not give details of how the Google system would differ."

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251 comments

Will they play like a bank (5, Insightful)

Anonymous Coward | more than 8 years ago | (#12889428)


and assume resonsibility for financial mistakes, i believe this is where Paypal are the scam, look like a bank but un-regulated and assume nothing

Micropayments (4, Insightful)

QMO (836285) | more than 8 years ago | (#12889469)

I wish we had a few more details.

On the surface it sounds a little like something that could evolve into the micropayment structure that could end spam.

Re:Will they play like a bank (0)

Anonymous Coward | more than 8 years ago | (#12889498)

If you use paypal in the UK then paypal does act like a bank. It has to. Its regulated by the FSA and as such they have to assume responsibility for any financial mistakes.

Re:Will they play like a bank (1)

superpulpsicle (533373) | more than 8 years ago | (#12889599)

Shouldn't have posted as AC, I would have given you all my mod points. Paypal being a scam is an understatement. No it's not flamebait, it's fact.

That's a coincidence... (5, Funny)

gowen (141411) | more than 8 years ago | (#12889434)

Because I'm starting an international chain of fast food hamburger restaurants, but I'm not looking to compete with McDonalds and Burger King.

Re:That's a coincidence... (3, Insightful)

freshman_a (136603) | more than 8 years ago | (#12889472)

I detect sarcasm...

It's very possible they aren't trying to compete with PayPal. My bank offers online bill pay, which is an online payment system, but I'd hardly call it PayPal's competition.

Re:That's a coincidence... (1)

robertjw (728654) | more than 8 years ago | (#12889760)

Maybe, but I doubt they are going to try to compete with your bank either. PayPal is in a very lucrative market and need some competition to keep them honest. I think Google's just testing the waters - not declaring all out war yet. If they can get a foothold, they would love to get PayPal's revenue streams.

I wonder ... (4, Funny)

spellraiser (764337) | more than 8 years ago | (#12889442)

Perhaps the system will differ in that the money will reside permanently in Google's control ...

That's how I would design a system like this - and then 'disappear' to a tropical island.

Oops ... I said to much, didn't I?

*Disappears to a tropical island*

Re:I wonder ... (5, Insightful)

Mr Guy (547690) | more than 8 years ago | (#12889467)

If you believe the paypal sucks people [paypalsucks.com] , that essentially IS PayPal's system.

Re:I wonder ... (1)

DoorFrame (22108) | more than 8 years ago | (#12889670)

Those paypalsucks people have been very strident in the past. Just to a positive note out there, I've used paypal for years and have never had a single problem with them, both as a buyer and as a seller.

YMMV.

Re:I wonder ... (1)

WormholeFiend (674934) | more than 8 years ago | (#12889791)

The one thing that caused me to leave paypal is that I used it as a middleman for purchases from businesses who used it, but didnt have the means to charge my credit card...

After I reached my sending limit, paypal required me to get verified, which includes sending them my bank account information.

I'm not giving them that data. My credit card should be enough.

They didnt yield to my concerns, so I deleted my account.

Re:I wonder ... (0)

Anonymous Coward | more than 8 years ago | (#12889727)

I have received thousands of dollars through paypal, and all of it has been successfully converted to real money without incident.

Currency (5, Interesting)

Decameron81 (628548) | more than 8 years ago | (#12889445)

Maybe they are going to offer Googlecoins as the first form of virtual currency?

Re:Currency (1)

Momoru (837801) | more than 8 years ago | (#12890158)

Dont they do that already, in the form of their non-voting, non-dividend yielding stock?

Compete with paypal? (0, Redundant)

Mensa Babe (675349) | more than 8 years ago | (#12889446)

How on Earth could Google possibly compete with paypal? Unless ... they are silently planning their gebay? Now I see. It will be an interesting war. But will good (Google) win with evil (not Google) this time? Only time will tell.

Re:Compete with paypal? (1)

leonardluen (211265) | more than 8 years ago | (#12889659)

in other news google has anounced a new project called gclock google's CEO was quoted as saying "now not only shall we control the internet, but we shall also control time also! <evillaughter>MUAHAHAHAHA!!!</evillaughter>*choke* *cough*...err...i mean 'don't be evil' yeah that's it!"

Re:Compete with paypal? (1)

Bimo_Dude (178966) | more than 8 years ago | (#12889671)

Pure speculation:
It could be that Google is going to start using this system for their [advertising] customers in Beta, with an eye toward braching out to the more general public in future [insert jokes about Google beta here]. I'm fairly confident that there are more people using Google than PayPal (I know - apples and oranges), so market exposure would not be an issue either.

I agree with you that it would be very interesting to see Google take on eBay/PayPal. In fact, it could almost be billed as the classic "Good -vs- Evil" situation. :)

Introducing the Google Credit Card (2, Interesting)

westcoaster004 (893514) | more than 8 years ago | (#12889447)

Hmmm... this just sounds like another credit card to me. If it is only designed to bring money from consumers to businesses (and Google), then it appears to be just another credit card!

Re:Introducing the Google Credit Card (2, Insightful)

aussie_a (778472) | more than 8 years ago | (#12889622)

An online only credit card of course? I'm thinking Google might actually be offering to hide your credit card for you. Like the paypal system, except no money will reside in Google's control. You give them your credit card and bank number and they debit and credit you money without being in their control.

The advantage to this is that you don't have to give your credit card number out to anyone, and them having your Gaypal id won't let them do anything (except to try to guess your password or give you money).

I personally would prefer a competitor to Paypal, as from what I've heard Paypal isn't the best company to work with. That way I only have to transfer money once or twice (and don't get hit with a fee for every $0.50 purchase I make) a month.

Re:Introducing the Google Credit Card (1)

Lord Haha (753617) | more than 8 years ago | (#12889679)

"gaypal"

um I don't think the marketing department would allow them to get away with that...

Re:Introducing the Google Credit Card (0)

Anonymous Coward | more than 8 years ago | (#12889857)

Why, are they homophobic?

Re:Introducing the Google Credit Card (0)

Anonymous Coward | more than 8 years ago | (#12890198)

Shut the fuck up, fag.

Re:Introducing the Google Credit Card (1)

halltk1983 (855209) | more than 8 years ago | (#12889693)

them having your Gaypal id

I'm pretty sure that's NOT the best name for marketing... unless it's on IRC and bash.org

Please compete with paypal. (5, Insightful)

BillGodfrey (127667) | more than 8 years ago | (#12889451)

Paypal need a competitor.

Hell, I hope they do something even better (1)

Weaselmancer (533834) | more than 8 years ago | (#12889723)

Replace them.

I'd love it if there was some other Paypal-like entity out there. Paypal is convenient, but after getting shafted by them I avoid them like the plague.

Re:Hell, I hope they do something even better (0)

Anonymous Coward | more than 8 years ago | (#12889887)

Paypal is convenient, but after getting shafted by them I avoid them like the plague.

Surely you exaggerate. I mean, when was the last time you actually had to avoid the plague?

Re:Please compete with paypal. (1)

Breakfast Pants (323698) | more than 8 years ago | (#12889772)

I think Slashdot is the only place I can visit where "Please compete with paypal. Paypal need a competitor." gets the highest praise of the moderation system. I guess if cavemen had a website they posted to I wouldn't be able to say this.

Re:Please compete with paypal. (0)

Anonymous Coward | more than 8 years ago | (#12890134)

No, you can visit just about any fourm where high volume eBay sellers frequent and hear the same attitude about PayPal.

Far too many people have been screwed and shafted by PayPal. There is a cry for change out there.

What you meant to say was (4, Insightful)

mapmaker (140036) | more than 8 years ago | (#12889975)

We need a Paypal competitor. Paypal needs a competitor like it needs a hole in the head.

Google (1, Flamebait)

kutsu119 (883719) | more than 8 years ago | (#12889454)

Google has many fingers in many pies.

BUT

are they over-estimating the strength of the market brand and the benefits of offering such services?

Re:Google (4, Insightful)

mister_llah (891540) | more than 8 years ago | (#12889493)

There is more than a fair share of people who just don't like PayPal... and there is a lot of brand strength in 'Google'...

To quote nuke satellite monitors, "Confidence is high! Repeat! Confidence is high!" ... (relating to Google) ...

===

Will it kill PayPal? No. Will it bite them a bit? To be sure. No matter what Google will use, as long as it offers a secure means for an online transaction, it will hurt PayPal... but they'll survive...

How does this work? (5, Funny)

crlove (857212) | more than 8 years ago | (#12889461)

I guess I don't understand how they can do this without the money at SOME point being in their control.

I mean, what else are we looking at?

"With GooglePay you write a check directly to the person you're paying, then write another check for 3% of that amount to Google. Easy!"

Re:How does this work? (1)

mikeplokta (223052) | more than 8 years ago | (#12889774)

Most likely bet is that they're creating their own currency, called (say) Gbucks, which can pass instantaneously from one user's account to another, and can be cashed in for real money with Google whenever you want to.

Re:How does this work? (1)

crlove (857212) | more than 8 years ago | (#12889931)

Could be. But hasn't that been tried several times before? Not that I'm doubting Google has a plan...

How is that any different? (4, Informative)

Otto (17870) | more than 8 years ago | (#12890178)

Converting real cash into fake cash gives the fake cash a real value and thus makes it into real cash.

In other words, if I buy a Gbuck and send it to a friend and they convert it back to whatever it is worth in cash, how is this any different than what paypal does, realistically?

If they create their own currency and decide not to tie it in a fixed way to another currency, then that's interesting, but doesn't change the fact that it's still them accepting one currency for a temporary period of time.

It also introduces the problem of fluctations of the new currency. People buy Gbucks, wait for them to be worth more real bucks, then cash out. Google is now out a ton of real cash. This is done with real cash all the time, but making it easy to convert between currencies will make this simpler. Only way to combat this that I can see is for google to implement a conversion fee to stabilize the fluctuations, which will discourage the currency from taking off in the first place.

Re:How does this work? (1)

eclectro (227083) | more than 8 years ago | (#12889885)

I mean, what else are we looking at?

Arrr, we Pirates be up t' the task o' takin' care o' your money transfers Gar, Ye'll ne'er get me buried booty!

Need 2 things (2, Interesting)

Dancin_Santa (265275) | more than 8 years ago | (#12889463)

First it needs an escrow which would enable greater trust between transacting parties. It also needs the ability to reverse a payment for when transactions are not fulfilled to satisfaction.

Paypal has the first, but the second leaves much to be desired. Once the payment is made, there is little recourse if it turns out that the transaction was bogus. If Google can implement something like this, it would push it way over the top.

well what about (2, Interesting)

the_mighty_$ (726261) | more than 8 years ago | (#12889466)

Schmidt said Google does not intend to offer a 'person-to-person stored-value payments system' like PayPal's, in which money briefly resides in PayPal's control during the transaction

Well what about a 'person-to-person stored-value payments system' like PayPal's, in which money doesn't briefly reside in Google's control during the transaction but rather gets directly transfered to the merchant.

I personnally have always thought that PayPal's way of doing it (keeping the money in your 'PayPal account') was pretty lame.

Re:well what about (1)

bornyesterday (888994) | more than 8 years ago | (#12889521)

in which money doesn't briefly reside in Google's control during the transaction but rather gets directly transfered to the merchant.

That would work for most businesses that accept credit cards, but most businesses that have online stores already do that on their own website, so having google do it would be redundant.

Where pay-pal gets it's money is from person-to-person, not person-to-merchant. And that is because you can't pay an individual with a credit card. And that is because of the way credit card companies do business. For a merchant to accept a CC, they have to pay a fee to the CC company. Individuals don't and don't want to do that.

Difference? (1)

Momoru (837801) | more than 8 years ago | (#12889480)

"Schmidt said Google does not intend to offer a 'person-to-person stored-value payments system' like PayPal's, in which money briefly resides in PayPal's control during the transaction, but he did not give details of how the Google system would differ."

I guess they could just facilitate payments directly from one persons bank/credit card to another, and take a cut of the transaction...act as a middle man without storing the money. OH and they'd totally use AJAX to do this.

My guess/hope (4, Interesting)

metamatic (202216) | more than 8 years ago | (#12889481)

I'm guessing and hoping that Google is going to introduce the first viable micropayment system on the web. If anyone can do it, they can.

Re:My guess/hope (1)

e-gold (36755) | more than 8 years ago | (#12890063)

Except, of course, that e-gold already did, in 1996, but the mediots haven't noticed. Funny how http://stats.e-gold.com/ [e-gold.com] customers lead the news-media. Again...
JMR

NOT speaking for e-gold, just being annoying...And no -- e-gold isn't perfect and I'm sure some people have gripes, but it EXISTS, and e-gold has quietly-kept the promises others so-loudly made about the 'net for a long time with little fanfare...

Bank search (4, Funny)

Anonymous Coward | more than 8 years ago | (#12889482)

Great, what I always wanted, a way for everyone to search for my financial transactions.

Beta? (5, Interesting)

Moiche (840352) | more than 8 years ago | (#12889487)

They may have to skip the beta this time. I don't think I'd trust a pre-release version of the software to transfer money.

me: I transferred 100$ for his pog collection. Where did it go?

google support: But it's beta! And Beta means we can fuck up from time to time!

Also -- not competing with Paypal because they aren't going to store money? Sure, but won't google add that functionality the moment it becomes commercially advantageous? Not to mention the fact that I think for most people, an instanteous credit to your credit card (or bank account or whatever) when you get paid for you antique pog collection is not such a bad thing.

Final thought -- for every post in this thread complaining about the number of Google stories on /. -- God kills a kitten. What -- prove me wrong.

--Moiche

Good Riddance! (2, Informative)

Windsinger (889841) | more than 8 years ago | (#12889490)

Can't wait. Can't wait to drop Paypal and their horrible transaction fees.

I guess what aggrivates me more is "Not being allowed to post buyer pays paypal transaction fees on ebay purchases" in your ebay posts.

And all the other crap Paypal pulls out of it's mighty ass.

Semi-intersting links:

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

Re:Good Riddance! (2, Informative)

AuSerpent (5434) | more than 8 years ago | (#12889574)

Bidpay is fairly popular in the ebay crowd and the buyer pays the transaction fee there.

That said, in most every business that accepts credit card the seller pays the transaction fee and covers it by adjusting the price of the item.

Re:Good Riddance! (1)

Momoru (837801) | more than 8 years ago | (#12889595)

I'm sure Google will have transaction fees...how do you expect them to turn a profit? AdSense on your Gbank statement?

Re:Good Riddance! (1)

mbelly (827938) | more than 8 years ago | (#12889706)

It wouldn't be a bad idea. If it notices that you buy computer components all the time, it can post ads about computer stores, etc. Maybe not quite a huge money maker, but it could be feasible.

Re:Good Riddance! (0)

Anonymous Coward | more than 8 years ago | (#12889632)

I guess what aggrivates me more is "Not being allowed to post buyer pays paypal transaction fees on ebay purchases" in your ebay posts.

You do realize that in certain areas of the United States, it's illegal to penalize consumers on the basis of method of payment, and that this is the reason behind the prohibition. Overseas sellers are able to do exactly as you wish because they don't face the same legal restrictions.

It's perfectly legitimate to offer discounts to consumers to incentivize one form of payment over another, though.

Re:Good Riddance! (2, Funny)

fracai (796392) | more than 8 years ago | (#12889635)

pfft, that's easy. just artificially increase your shipping costs like everyone else does. if you're feeling generous offer a "special paypal haters rebate" if someone pays without using paypal.

Re:Good Riddance! (1)

Windsinger (889841) | more than 8 years ago | (#12889701)

Yes I do this shipping-padding already on big ticket items (over 1k usually).

I like the Paypal haters offer idea though. >:)

Re:Good Riddance! (1)

Breakfast Pants (323698) | more than 8 years ago | (#12889691)

Even worse is the way paypal tricks you into "upgrading" your account to accept credit card payments rather than just "eChecks" and is sorta vague on the fact that after the "upgrade" you have to pay fees on credit card transactions and echeck transactions (which you didn't have to pay fees on before).

Re:Good Riddance! (1)

generic-man (33649) | more than 8 years ago | (#12889930)

If you use eBay's shipping calculator, you can tack on a preset hidden fee for handling and packaging. That's a great way to recoup some or all of the PayPal fees, if you don't mind charging $10 in S&H for a cable. (That's about par for the course at eBay: $1 for a cable plus $10 S&H still beats most stores.)

Re:Good Riddance! (1)

Windsinger (889841) | more than 8 years ago | (#12890091)

So YOUR one of the jerks that do that! >:)

But seriously, yes, on big-ticket items, PayPal really tears your a new one, especially if your dealing with cross-country money transactions.

article also mentions Froogle (2, Interesting)

sczimme (603413) | more than 8 years ago | (#12889495)


The company also operates a price-comparison shopping engine called Froogle, which analysts think could one day become the heart of a full-fledged e-commerce system.

1) Froogle +

2) link to product +

3) "I'm feeling lucky" ==

4) profit?

Refreshing Change (4, Insightful)

alvinrod (889928) | more than 8 years ago | (#12889497)

From Article:

Schmidt said Google does not intend to offer a "person-to-person stored-value payments system" like PayPal's, in which money briefly resides in PayPal's control during the transaction, but he did not give details of how the Google system would differ.

Even though companies are out to make money and occasionally have to step on the toes of another company if they want to turn a profit, it's nice to see that not all computer business is so cut-throught. Maybe Google has realized that a little healthy competition is good, but more than likely they have slightly different aims or are trying to tie it in more with the rest of their services in a way that paypals method doesn't work.

Companies need to realize that crushing the competition and taking control of the market isn't going to be healthy for the consumer. Look at some of Microsoft's (Not to pick on them, but they're an obvious example) products like Internet Explorer. For a while it was the best browser around to many people, but after it gained control , Microsoft stopped upgrading it and fixing it, making it a rather sub-par product today.

To those of you who say that Google or any other company wouldn't fall into the same trap if they gained market dominance is plain ignorance. Go ahead and root for Google, Apple, Sun, AMD, or any other underdog company, but just remeber that they're as capable as being as evil and ruthless as some people feel that Microsoft, Sony, Intel and other industry leaders are today.

Re:Refreshing Change (2, Insightful)

Kombat (93720) | more than 8 years ago | (#12889656)

Companies need to realize that crushing the competition and taking control of the market isn't going to be healthy for the consumer.

Actually, no, they don't. Take a look around you. Capitalism doesn't care a whit about what's "healthy for the consumer," but rather, "what's healthy for the shareholder."

Re:Refreshing Change (1)

Scarblac (122480) | more than 8 years ago | (#12890135)

Actually, no, they don't. Take a look around you. Capitalism doesn't care a whit about what's "healthy for the consumer," but rather, "what's healthy for the shareholder."

No, about what's healthy for the CEO and friends, while still looking good to the shareholder.

not to dominate, but to compete... (1)

J Barnes (838165) | more than 8 years ago | (#12889674)

It's the quality and innovation of your competitors that keeps a company viable. As long as there are alternatives to your service, you're at least partially dedicated to improving your service and offering some semblance of better value to your customers.

Paypal has nothing encouraging the development of value for their customers right now, so I welcome the arrival of Google in an online payment market.

I don't root for them to dominate, just to compete. (and in what logical way can Google be called an "underdog" company?)

The bottom line in any sort of online payment scheme is the credit card companies. There can't be a truly revolutionary change to any sort of online payment structure until it either cuts out credit cards, or offers a viable alternative to their infrastructure.

Re:Refreshing Change (1)

luciensims (184553) | more than 8 years ago | (#12889932)

Go ahead and root for Google, Apple, Sun, AMD, or any other underdog company

You and I evidently don't share the same definition of "underdog"

Re:Refreshing Change (2, Interesting)

danharan (714822) | more than 8 years ago | (#12889965)

Refreshing change? I interpret what Google's CEO said as "we won't just compete with Paypal". Sounds to me like they don't want to be pigeon-holed because they are far more ambitious than that. Perhaps they are gunning for the place currently occupied by credit card companies and processors?

It's not cut-throat, it's just business :)

Its coupons silly (4, Insightful)

cmdr_beeftaco (562067) | more than 8 years ago | (#12889502)

To quote the article "The payment services we are working on are a natural evolution of Google's existing online products and advertising programs, which today connect millions of consumers and advertisers"
So an advertiser can give you 5 bucks off if you buy from them. Or maybe reward points to use in the network.

Re:Its coupons silly (1)

kmcclosk (165925) | more than 8 years ago | (#12889743)

I think you're exactly right.

The payment system will be likely be a rewards system / credit exchange.

Currently, alot of people are both buying ads from Google at the same time they are selling Google's ad space on their websites.

In the future, these credits can be used (for example) to reward users who post to blogs, submit Amazon reviews, etc. (micropayments)

It could be a brilliant move. There's a substantial chance that those credits could evolve into the Internet's digital currency.

Hey, anyone at Google want to see my resume? I'd like to be a part of this.

Google Search for Money? [I'm Feeling Lucky] (3, Funny)

ArielMT (757715) | more than 8 years ago | (#12889543)

If I used Google's payment system, would I be able to google for my missing micropayments? And how long would it stay in Google's cash -- er, cache?

Perspective (4, Interesting)

deutschemonte (764566) | more than 8 years ago | (#12889551)

I think it is important to put this in the "Google Mindset" if you will: Everything Google does is related to search.

They made GMail to allow you to store all your messages you ever send/receive and then give you a powerful tool to search through them.

Google Maps is just a nice compliment/interface to Google Local.

And the list goes on. So what can Google do to bring the power of search to a payments system?

Re:Perspective (1)

fracai (796392) | more than 8 years ago | (#12889702)

gMoney: give us money and we'll immediately distribute it to our advertisers. then use our web search to find your money by searching for the products you desire. if you find and order the right products, you'll receive a $5 coupon for your next purchase.

those $5 coupons add up to your initial investment. at which point you pay more money.

gah, forget it. this is just to convoluted to be funny. though I did work gMoney into it...

Re:Perspective (4, Interesting)

BewireNomali (618969) | more than 8 years ago | (#12889785)

interesting point. very.

the search correlation is that they can now separate the link-clickers from the product buyers. Further, they can gauge your spending habits and further target ads to maximize effectiveness. Your mom's birthday is in august, let's say, and you always buy something online around that time to get over to her. They can target mom-like gifts around that time, increasing the liklihood of the purchase, and they get cash off the transaction, the clickthrough, and the sale. I think anyway.

Then they start creating a database of faithful online shoppers and start charging premium prices to advertise to that crowd.

You're totally right. It all has to do with the information. The don't actually handle money, they assume none of the liability, and they don't have to expand into a core business that is not an intrinsic strength.

Shit, man.

Global coverage? (5, Informative)

kkumer (36175) | more than 8 years ago | (#12889554)

Well, one improvement over PayPal would be global coverage. Just few days ago I was very impressed by a nice piece of software (mp3splt [sourceforge.net] , BTW), and I decided to donate some money to the corresponding Sourceforge project via PayPal. Half way through I found out that my small European country (Croatia), was not covered by PayPal services.

Re:Global coverage? (1)

TrippTDF (513419) | more than 8 years ago | (#12890077)

Global coverage would be great... but that's much easier said that done. Don't forget that you get into international banking rules, international politics and a ton of other stuff when you send money internationally. With all the beefed up anti-terrorism efforts as of late, I think sending money internationally is going to have a few hurdles to it.

Re:Global coverage? (1)

jarda (635462) | more than 8 years ago | (#12890171)

Yeah, this was annoying me a lot for long time. From the point of view of somebody from US/Western EU it may seem that everybody has Paypal, but in reality, it's only available in few countries [paypal.com] . They've just recently added Czech Republic (and only for sending money), and it's even been a member of EU for over a year. From what I've heard, they are actively refusing to register anybody from other countries, even when they happen to have US account/credit card. I know they're just trying to be careful, but why they can't just register anybody with reasonable credit card is beyond me.

Overloads (3, Funny)

Anonymous Coward | more than 8 years ago | (#12889559)

I for one welcome our new Google overlords...

Introducting M$-Slashdot (-1, Troll)

Anonymous Coward | more than 8 years ago | (#12889570)

Today: M$ ads.
Tomorrow: Only pro-M$ stories.

My guess (1, Interesting)

Anonymous Coward | more than 8 years ago | (#12889602)

Google has Froogle, and Froogle isn't eBay, so GMoney (hehehe) won't be working in the same space as eBay and PayPal per-se. What remains to be seen is whether Google can actually use their own electronic payment system in conjunction with their Froogle search service effectively. These are all just my personal guesses as to what Google is doing of course.

Gcredit? (0)

Anonymous Coward | more than 8 years ago | (#12889694)

I suspect gtokens. You but £10 a time or what ever - then whenever you visit a site with gfirefox or something you can but cheap things with it directly and safely with your gcredits. Google gets the interest of the money in your account between time of purchase and the time the seller redeams them.


Eventually though no one will trade in their money and we will have the ubiqous "credit" - in the same way that UK money say's I promise to pay the bearer £10 pounds everyone will no they can trade in their money but never will!

Another speculation? (4, Insightful)

coolsva (786215) | more than 8 years ago | (#12889777)

Rather than being a pure paypal replacement, why can we assume google is going towards micro payments. Follow me here, google searches open web pages, but also some closed databases (AP,NYT etc). You get a snippet of the result, to read the complete document, you click the link, google deducts $0.02 from your 'wallet' and shows you the page. Google pays WSJ $0.018 and pockets the rest.

At the end of the day, you are happy because you got to read the article for $0.02, WSJ is happy because they didnt have to bother about managing subscription (which you were unwilling I assume) and still got the $0.018 and google of course, got the $0.002. Everyone comes home ahead. Many have tried micropayments, but if there is anyone who can do it, it is google

Will it be regulated? FDIC insured? (2, Interesting)

hellfire (86129) | more than 8 years ago | (#12889849)

My main problem with Paypal is that Paypal has every right to say "go fuck yourself" if something goes wrong or a customer gets screwed. Credit card companies cannot do this. If I don't get my merchandise, I can issue a charge back and get my money back. With paypal it's a crapshoot as to if I get my money back. Paypal has also been notorious for taking money from people's accounts without authorization.

Credit card companies are bastards, paypal is full of bastards, but credit cards are regulated. Bastard or not, as a consumer I want to be able to tell a company "go to hell" if they try to screw with my money.

This is what I want in a google payment service.

the strange thing about this (1)

harks (534599) | more than 8 years ago | (#12889923)

is it does not seem to correspond to Google's market and stated goal of "organizing the world's information."

think i got it figured out... (2, Interesting)

luckynoone (775973) | more than 8 years ago | (#12889974)

I am positive I have it all figured out. Google has searching, and offers up ads on the side for products. Google has Froogle, a searching service which indexes store products for display as well. Well, think about the next logical step... Google will provide hosting and payment services for people and companies selling products. Consumers will love it because their CC # will be going through Google, which they trust, versus a small site. On top of that, consumers will be able to find what they are looking for without running into broken links, unfriendly designs, or going through site after site. Google will get some small $ for each transaction (perhaps a percentage). Sellers will love it because they won't have to worry about server uptime as much, payment systems, or security... plus they have the worlds' biggest customer base at their fingers. This powerful move will literally turn Google into the worlds biggest store. Everyone wins. Buyers / Sellers / Google. Well, not everyone wins. Ebay sure won't win. Verisign won't win. PayPal won't win. Yahoo won't win.

Banks need to wake up. (5, Insightful)

el_womble (779715) | more than 8 years ago | (#12890153)

This is damning to the banking industry. The age where they can get away with bank charges should be dead and burried. The idea that there are 10s of clerks monitoring each transaction, and therefore incurring a service fee is archaic and false. We are now paying to maintain a computer system, which if it was commisioned properly should have its costs covered by the interest they gain from investments they make with the money the hold for their clients.

In the UK at least, consumers are free to transfer money between accounts for free. But it takes between 3 and 5 days so they can gain interest (what were they doing the previous x days when it was in my account?). Businesses are routinely charged £0.20 a transaction and the transfers still take 3 to 5 days!!! How is this fair?

Banks have enough ways to generate money without charging buisnesses for micropayments.

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