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Google No Pal to PayPal
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            Jun 20, 2005 12:55 IST  
Google is planning to launch its own version of an electronic payments system by the end of this year which will compete directly with Ebay’s PayPal.

Google is planning to launch its own version of an electronic payments system by the end of this year which will compete directly with Ebay’s PayPal. This makes clear Google’s intention to become actively involved in online commerce. Till now almost all of its revenue comes from online advertising.

PayPal allows consumers to pay for purchases on Web sites by funding electronic-payment accounts from their credit cards or checking accounts.

Ebay’s revenue from PayPal is expected to get affected in case Google’s so called Wallet service puts in place a better service than theirs. Ebay’s earning from PayPal in the first quarter was close to $233 million.

"It could be a pretty big negative for eBay if it happens," said Piper Jaffray analyst Safa Rashtchy, who follows Google as well as the Web’s leading auction site.

There has been reports from the Internet community of merchants being approached by Google for trying out its Google Wallet service.

Google with its vast reach on the internet is expected to perform much better in case it starts such a service.
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