June 17th, 2005
War! Google to Take on PayPal: Plans to Offer Competing Online Payment System This Year
All I can say is wow…makes sense. What shall they call it GooglePal? PayGoogle?
“Google Inc. this year plans to offer an electronic-payment service that could help the Internet-search company diversify its revenue and may heighten competition with eBay Inc.’s PayPal unit, the Wall Street Journal reported on Friday.
“Exact details of the search company’s planned service are not known, the report said, but quoted people familiar with the matter as saying it could have similarities with PayPal, which allows consumers to pay for purchases on Web sites by funding electronic-payment accounts from their credit cards or checking accounts. A Google spokesperson contacted by Reuters declined comment.
“For Google, based in Mountain View, Calif., a payment service could represent a significant expansion beyond online advertising, which generated 99 percent of its $3.2 billion in revenue last year, the Journal said. Online-payment providers typically take a commission on each transaction. Depending on the exact details, Google’s move could potentially threaten eBay’s successful PayPal service, which generated $233.1 million, or 23 percent of eBay’s revenue in the first quarter, the newspaper reported.
“Rumors about a new Google payment service escalated following a panel discussion at a Piper Jaffray Internet conference on Thursday, the newspaper said.” Soucre: Reuters
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Lockergnome's Tech News Watch says:
War! Google to Take on PayPal: plans to Offer Competing Online Payment System
All I can say is wow…makes sense. Caught this from Reuters: “Google Inc. this year plans to offer an electronic-payment service that could help the Internet-search company diversify its revenue and may heighten competition with eBay Inc.’s PayPal unit…
June 17th, 2005 at 11:33 pm
R. Dowling says:
This is great news, I just hope they are not like those greedy bastards from E-pay. I have hopes they will treat us fair.k
June 18th, 2005 at 6:50 am
Mike says:
Agree with R.Dowling, but does this mean that we will still be stuck with paypal when using e-bay?
June 18th, 2005 at 8:06 am
Chuck says:
The plain fact is that the market will make those determinations. If Google starts a new system, eBay will try to ignore it (since they own Paypal), but in time, they will either be forced to accept it and integrate it somewhat into their system as an option… OR it will provide a huge competitive advantage to competing auction sites. eBay may be the only game in town right now…but they won’t always be if they don’t handle themselves wisely. Paypal already has a lot of detractors. If Google is able to maintain a good reputation with their new service, they’ve already got a niche of Paypal-haters who will be early adopters. There’s no question about the value of a service like this.
June 18th, 2005 at 9:06 am
Jon says:
Ummm…. its pretty obvious what the new app will be called:
Google + Paypal = GayPal
June 18th, 2005 at 9:21 am
Alice says:
GooPay?
June 18th, 2005 at 9:54 am
alex says:
Gmoney?
June 18th, 2005 at 10:25 am
Junetech.com says:
Google PayPal Alternative?
It looks like Google might just be getting into PayPal’s market. It makes sense, they’ve been slowy spreading out into new markets. Now the only question is, will they build it from scratch, or buy one of the smaller PayPal competitors. Judging from …
June 18th, 2005 at 11:44 am
Tash says:
GPay?
June 18th, 2005 at 3:35 pm
Ed says:
GWallet
GCash
G-Units
Goonies
Goo$le
Frooglecash
Moogle
M,ooo,ooo,lah
June 18th, 2005 at 4:43 pm
la fawnduh says:
ha ha– how about G-$pot
June 18th, 2005 at 5:57 pm
Alice says:
Those bastards at /. We submitted this story yesterday and they are finally poting it but from someone else. Boo!
Drew Curtis is the man!
June 18th, 2005 at 7:09 pm
Brad says:
“Ummm…. its pretty obvious what the new app will be called:
Google + Paypal = GayPal”
LOL, I never laughed so hard at anything said on the internet till now. HAHAHA!
June 19th, 2005 at 12:56 am
R. Dowling says:
Who knows, maybe Google will start an auction site…I believe they could compete with ebay, well…in time they could.
June 19th, 2005 at 3:16 pm
Phonono says:
{~} Google wants (more of) your money {~}
Selon des rumeurs, il semblerait que les revenus de Google (3,2 milliards de dolllars US) soient insuffisants. Non contents d’infiltrer…
June 19th, 2005 at 9:13 pm
jcat says:
I really want Google to start an online auction site that can truly compete with ebay. It is really needed in the marketplace right now. Overstock tried but I think Google is the ONLY one who could actually succeed in becoming a viable alternative and a health competitor.
June 20th, 2005 at 8:05 pm
jcat says:
“healthy competitor”
June 20th, 2005 at 8:06 pm
thesuperstar says:
im all for some gmoney.
October 11th, 2005 at 11:58 pm
Papay says:
fuck you
April 4th, 2006 at 8:43 pm