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Sunday, June 19, 2005

Google Said to Plan Rival to PayPal

Google is preparing an online-payment system that would compete with PayPal, according to an online retailer who has been approached by Google to take part in the effort.

In addition to representing a direct challenge to eBay, which owns PayPal, the largest Internet payment system, the move signals Google's intention to become much more deeply involved in online commerce.

Google's flagship search engine and its Froogle shopping service are significant sources of customers for Internet stores. But so far, Google's only way to profit from its presence in online shopping is by selling advertisements that appear next to its search results and on Froogle pages.

PayPal has 72 million accounts and handled $6.2 billion in payments in the first quarter.

Scot Wingo, the chief executive of ChannelAdvisor, a company that helps merchants sell on eBay and other online sites, said that several of his clients had told him that they had heard from Google about plans for a payment service, which they referred to as Google Wallet.

The prospect of a payment system could help Google's core search advertising business as well, online commerce analysts said.

Sara Bettencourt, a spokeswoman for PayPal, said that her company had heard rumors of a pending Google payment service but that it would not comment on a product that had yet to be announced.

Resource: NYTimes

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