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Google CEO Confirms Online Payment System
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."
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
Paypal need a competitor.
If you believe the paypal sucks people, that essentially IS PayPal's system.
Never confuse volume with power.
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.
Scared of flying, pointy things snce 1979!