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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
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.
Maybe they are going to offer Googlecoins as the first form of virtual currency?
diegoT
Paypal need a competitor.
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!"
If you believe the paypal sucks people, that essentially IS PayPal's system.
Never confuse volume with power.
me: I transferred 100$ for his pog collection. Where did it go?
google support: But it's beta! And Beta means we can fuck up from time to time!
Also -- not competing with Paypal because they aren't going to store money? Sure, but won't google add that functionality the moment it becomes commercially advantageous? Not to mention the fact that I think for most people, an instanteous credit to your credit card (or bank account or whatever) when you get paid for you antique pog collection is not such a bad thing.
Final thought -- for every post in this thread complaining about the number of Google stories on /. -- God kills a kitten. What -- prove me wrong.
--Moiche
Well, one improvement over PayPal would be global coverage. Just few days ago I was very impressed by a nice piece of software (mp3splt, BTW), and I decided to donate some money to the corresponding Sourceforge project via PayPal. Half way through I found out that my small European country (Croatia), was not covered by PayPal services.
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!