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Google CEO Confirms Online Payment System

Posted by Zonk on from the your-g-branded-online-wallet dept.

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."

4 of 251 comments (clear)

  1. That's a coincidence... by gowen · · Score: 5, Funny

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

    --
    Athletic Scholarships to universities make as much sense as academic scholarships to sports teams.
  2. I wonder ... by spellraiser · · Score: 4, Funny
    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*

    --
    I hear there's rumors on the Slashdots
  3. How does this work? by crlove · · Score: 5, Funny

    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!"

  4. Bank search by Anonymous Coward · · Score: 4, Funny

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