PayPal rival on the way from Google?

PayPal rival on the way from Google?

Summary: Rumour has it that Google is about to unveil an Internet payment system to rival eBay's PayPal

TOPICS: Tech Industry

Google could be about to launch its own Internet payments service to rival eBay-owned PayPal.

According to a report in the New York Times , speculation about the new payment service arose following discussion at a conference held by analyst house Piper Jaffray, where the chief executive of a major online retailer spilled the beans.

The CEO, who spoke under condition of anonymity, said Google had approached his company to take part in the online payments service.

Google did not respond to requests for comment on the reports.

Any potential move into the payments sector could prove lucrative — PayPal earned eBay $233m (£128m) in the first quarter of this year. However, should Google decide to enter the online payments arena, it may affect the company's relationship with eBay, one of its largest advertisers.

Stranger things have happened. Google is already rumoured to be venturing into new territories such as VoIP, and has added a number of new services to its portfolio of late, including a maps and local services feature; a browser toolbar; and domain registry.

Topic: Tech Industry

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.


1 comment
Log in or register to join the discussion
  • I have taken a few calls from the media and analysts about Google and UseMyBank. Google filed documents to establish a new company called Google Payments Corporation. UseMyBank's Biller company is called G Pay and this was a name they may have wanted to use. This caused some speculation as to our relationship. For example, Google wallets could be funded in real time from online banking with UseMyBank.

    Our company has been called "the next PayPal" by the editor of E Payments News. We are about to have more buying power for our online Sellers than any other method outside of credit cards. There is a really new option for online banking consumers in America this summer. "Instant Online Debit Payments" UseMybank has the ability to fund PayPal and Google wallets in real time from online banking. No more waiting days for checks to clear.

    Our company, UseMyBank Services has pioneered a way for consumers with online banking to make "Instant Online Debit Payments" to Internet Sellers with UseMyBank. This is great news for the 30-40% of North Americans without credit cards and those who do not feel comfortable giving online merchants their credit card number. At the Seller's checkout, a Buyer selects their financial institution and makes an instant debit payment from their online bank.

    Over 12 million Canadians have been able to make "instant online debit payments" to Sellers with UseMyBank since 2002. UseMyBank is well proven with many of the largest and most sophisticated online banks and internet merchants in the world, processing 10's of millions. This summer, millions of Americans and Europeans are about to get the same choices. Sellers want that buying power and consumers love the new choices and control they have to make online purchases. Many for the first time in their lives.

    Almost every retailer offers debit payments in stores and the majority now pay that way. For any online seller to lose a customer because they are unable to process a transaction is costly and preventable. UseMyBank