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Google CEO Eric Schmidt on impending GBuy online payment system

Google CEO Eric Schmidt’s most recent public comments on Google’s impending online payment system, or GBuy, were made at a June 15 New York City luncheon with publishing executives.

Google CEO Eric Schmidt’s most recent public comments on Google’s impending online payment system, or GBuy, were made at the June 15 Conde Nast luncheon in New York City.

Q: What is Google Payment System, or GBuy?

A. Press has nick-named it GBuy; We have not announced a payment system name yet.

We are focused on advertiser satisfaction. In studying what advertisers do, the more quickly we can get the advertise to buy cycle to close, the happier our advertisers are (our customers, the people who pay our bills). We built and are testing systems that allow a customer of an advertiser to purchase and fulfill things more quickly than through other mechanisms.

Very important to know that it is targeted at advertisers, not at general consumers….Not like PayPal at all.

Very soon will be in Beta.

Schmidt seems to contradict himself regarding “targeted at advertisers, not at general consumers.” Both the merchant advertiser and the consumer purchaser are integral parts of a Google advertsing induced consumer sale, as Schmidt recognizes when he says, “We built and are testing systems that allow a customer of an advertiser to purchase and fulfill things more quickly.”

Yesterday’s Wall Street Journal reports that Google will be directly targeting consumers with incentive rebates to use “GBuy” at ecommerce site checkouts.

SEE ALSO: Google GBuy online payment system to lock-in AdWords advertisers and usurp consumers via discounts and rebates and Google payment system to 'automate advertiser click cycle, the rest is history'  and Google GBuy specifics: 'Could be a game-changer'