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Google Readying PayPal Competitor?

By Nate Mook, BetaNews

June 20, 2005, 11:05 AM

According to reports, Google is readying a new electronic payment service that could pit the search giant against eBay-owned PayPal. Rumors of the new initiative peaked over the weekend following a Piper Jaffray Internet conference, where a number of industry exectives suggested they had heard of plans for "Google Wallet."

While few details are known, the service would likely integrate with Google's existing payments for advertising on its searches, and with a new Google Video service that will allow consumers to purchase video clips offered by third-parties directly through Google.

Google and PayPal both refused to comment on the speculation, but the Wall Street Journal cited a number of people familiar with the matter who said Google wished to diversify its revenue stream, which is currently comprised completely of advertising.

PayPal has proven a boon for eBay, which purchased the company in July 2002. Last quarter, PayPal brought in $233.1 million in revenue, almost a quarter of eBay's earnings.

The Wall Street Journal also reported that Google filed incorporate an entity called Google Payment Corp in California on April 13, although it's not known whether the move is linked to Google's payment service efforts. It's also not known when such a service could debut, but some industry executives say it could "launch soon."

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By Pipewrench

posted Jun 21, 2005 - 1:22 PM

Again...

Have fun with your Mark of The Beast.

Google is luring you all in with "cool" stuff. Just wait until you are in the Google cashless society and they know everything about you. Just wait until you cannot do anything or buy anything without your "google wallet". It will become so big that the government will want to adopt it as a form of payment for everyone to use instead of cash.

Like I said before:

Google + Government = Mark of The Beast.

Not for me, thanks.

Score: 0

By chong67

edited Jun 20, 2005 - 3:46 PM

I welcome this offer. We need more competition so that the rates will come down!

Someone need to dethrone ebay too. They are making too much money and the fees are expensive.

I use ebay and paypal alot. So far I had been lucky.

Score: 0

By UseMyBank

edited Jun 21, 2005 - 10:34 AM

Google could be Funded by UseMyBank.com

Google filed documents to establish a new company called Google Payments Corporation. Google wallets could be funded in real time from online banking with UseMyBank. A huge advantage over PayPal.

Our company has been called "the next PayPal" by the editor of E Payments News. We are about to have more buying power for our online Sellers than any other method outside of credit cards. There is a really new option for online banking consumers in America this summer. "Instant Online Debit Payments" UseMybank has the ability to fund PayPal and Google wallets in real time from online banking. No more waiting days for checks to clear.

Our company, UseMyBank Services has pioneered a way for consumers with online banking to make "Instant Online Debit Payments" to Internet Sellers with UseMyBank. This is great news for the 30-40% of North Americans without credit cards and those who do not feel comfortable giving online merchants their credit card number. At the Seller's checkout, a Buyer selects their financial institution and makes an instant debit payment from their online bank.

Over 12 million Canadians have been able to make "instant online debit payments" to Sellers with UseMyBank since 2002. UseMyBank is well proven with many of the largest and most sophisticated online banks and internet merchants in the world, processing 10's of millions. This summer, millions of Americans and Europeans are about to get the same choices. Sellers want that buying power and consumers love the new choices and control they have to make online purchases. Many for the first time in their lives.

Almost every retailer offers debit payments in stores and the majority now pay that way. For any online seller to lose a customer because they are unable to process a transaction is costly and preventable. UseMyBank’s payment service has proven to increase online sales for merchants with credit card only sites by 10% to 30%. Today's consumers want full acceptance of all online payment methods and the same choices they have in the bricks and mortar world. Sellers with UseMyBank's debit solution now have another compelling reason for consumers to shop online with them over their competitors.

Latest company news:
http://www.usemybank.com/news.asp

Thank you for your time.

Sincerely,

Brian Crozier
VP Business Development
UseMyBank Services, Inc.
brian@usemybank.com

Score: 0

By M0f0

posted Jun 21, 2005 - 12:51 PM

You'll be better off promoting your services to Google rather than post about it in a news article.

Score: 0

By M1M2Z1

edited Jun 21, 2005 - 10:53 AM

Google is making all the right moves.
First they'll establish Google Wallet, then they'll go head-to-head after eBay.

Half.com is awesome, though!
Too bad is was consumed by the eB_a_s_t_a_r_d_s at eBay.

Score: 0

By crashoverride

posted Jun 21, 2005 - 1:02 AM

Hopefully this will be better than paypal. I however fear that it will deteriorate over the years as their search engine has. In the recent years Googles search engine returns a lot of totally irrelevant responses to searches. That's why I think staement such as this are so great.
" PhoenixPath - Don't like 'em? Don't use 'em."
I don't use Google anymore, why you ask? Because they SUCK!! At one time it was the greatest search engine out there but these days it lack the precision it once had.

Score: 0

By nightops

posted Oct 13, 2005 - 1:51 PM

Google doesn't lack the precision it once had...it has greater precision. The only problem is that once again, the general public, the media, and the spammers have abused the searching capabilities to twist results. eBay is about due to be replaced. It has become a marketplace for retailers to sell off their old stock to a mass public at a somewhat discounted price... Things mutate (I don't buy into the evolution garbage), it's just the natural process of things.

Score: 0

By utomo

posted Jun 20, 2005 - 11:34 PM

google need to accept as many country as possible.
now paypal forbid some country buyer and seller. this is not good. and also google can take this as good opportunity.

Score: 0

By nightops

posted Oct 13, 2005 - 1:53 PM

I don't blame PayPal from blocking buyers/bidders from Nigeria given that over 70 percent of their national income was from fradulent practices involving eBay/scams/etc. It's not fair for the other people that are legit...but unfortunately that's just the way the human world turns... Burn me once, shame on you. Burn me twice, shame on me.

Score: 0

By maoge

posted Aug 31, 2005 - 9:07 AM

good point.
Finally Paypal has a competitior.

http://www.casino8net.com

Score: 0

By GeorgeSantayana

posted Jun 20, 2005 - 3:37 PM

As far as I'm concerned, Google couldn't possibly be worse than PayPal.

I made a purchase through a PayPal merchant and was defrauded. PayPal thought so enough that they permanently suspended the account and froze the assets. They didn't, however, see fit to refund my money. Sending out a form letter basically saying "be more careful" is their idea of dealing with fraud.

And, yes, this is anecdotal, but I've read a lot of similar stories. The fact is that a person has little recourse even for a fairly substantial loss. The cost of legal action far outweighs whatever one might have lost.

Score: 0

By tamahome320

posted Jun 20, 2005 - 12:48 PM

So...no one else is concerned by the fact that Google is simultaneously creating replacements for nearly EVERY facet of the online community? E-mail, browser, search engine, online payment, tool bar (which is being included with programs like adware, now), desktop search, etc...I know I am not the only one who thinks this, so where are the Google bashers? :-P

Score: 0

By PhoenixPath

edited Jun 20, 2005 - 2:38 PM

Not really, since you've not said a word as to why any of this is 'bad'. They are an information company. How does anything they have done not coincide with that mission? They have developed tech that was years ahead of anyone else and are constantly finding new, innovative applications for it. This is a bad thing? What basis have you to make such a judgement? You equate success with evil intentions?

"Ooh..they're making money..They must SUCK!"
Your momma must be so proud....

Google does not sell anything, so their revenue is based on ads. Everyone who doesn't live under a rock knows this.

Every 'facet of the online community' that they have entered, they have brought with it massive improvements. Their search engine was revolutionary when it first came out. Their email is still way ahead of anything else out there.

And...

As with ALL Google creatioins...you don't like it? Don't use it.

Score: 0

By tamahome320

posted Jun 22, 2005 - 12:56 PM

Sorry, when did I say anything about their being successful bad, or about them making money? Sounds like someone likes tangents ;)

Score: 0

By shy_one

posted Jun 21, 2005 - 12:11 AM

Ok PhoenixPath perhaps you can enlighten us on a couple things

1.when you do a search with google they collect what you searched for and your ip address now i can understand them collecting information on what you searched for thats important info for a search company that does adds but why collect the ip addresses along with what you searched for?

2.When using gmail why do they feel the need to save the emails that users delete atleast this one they kind of warn you i think it says so somewhere buried in the user agreement that nobody reads.

Yes i know if you don't like it don't use it and i don't untill i know why they need to collect so much information on people and save it for a very long time even googles competitors delete most information gathered after a couple months.

Score: 0

By -Viper-

posted Jun 21, 2005 - 2:27 AM

The ip is simple, they need to know what is popular in what areas. It's really not hard to figure out... as for the other I agree there seems to be no reason to save personal emails but phoenixpath is still right... you don't like it don't use it.

Score: 0

By shy_one

posted Jun 21, 2005 - 4:17 AM

Kinda figured that for the IP but was hoping PhoenixPath would be the first to answer just to see what he/she would say anybody raises concern over google they get acused of fear mongering told to put on the foil hat and should put a side note that their personal concerns so it's not taken as fact(like it's to hard to figure out a personal opinion on a public forum)

My guess is PhoenixPath works for google or owns stocks why else whould he try to shame those who raise concerns to remain quiet like your momma must be so proud and the others i mentioned just read his/her posts judge for yourself.

Score: 0

By Pipewrench

posted Jun 20, 2005 - 1:18 PM

tamahome320,

I totally agree. I used to be an advocate of Google and really liked them. As of late however, they are just scaring me and I have no interest in them anymore.

Google + U.S. Government = Mark of the Beast. I just can see this going there. Cashless society with Google and the Government at the helm.

No thanks.

I'll stay off Ebay and Paypal and just use cash.

Score: 0

By PhoenixPath

edited Jun 20, 2005 - 2:38 PM

Good idea, I hear the tin-hat salesmen don't take credit, anyway.

Seriously... What basis have you to justify your fears? Statements like that without anything to back them up is just plain stupid. You're fearmongering on a company that has done absolutely nothing to deserve it other than excel at every business angle they pursue.

Adware? lmao.. You mean the ads that EVERYONE knows are included in Googles pages/webmail and that YOU MUST ACCEPT to use their toolbars/desktop searches? Don't like 'em? Don't use 'em. Simple as that. They don't sell a damn thing, how do you expect them to make money?

Perhaps you'd rather they make their money just like every other ad-driven company....by infesting your PC with spyware, pop-ups, and viruses.

Unless you have some REAL data to back up your personal fears, don't post them, or at the very least make sure you are responsible enough to add a note that your fears are unfounded and that others should not trust your opinion as fact. Spreading that fear without cause/facts is irresponsible and damaging.

Score: 0

By AlanRivaldo

posted Jun 20, 2005 - 4:19 PM

I know for a fact that if you insist on buying a tin foil lined hat using your credit card, you can do so only if you buy it second-hand.

The downside to this is that there's no guarantee that these second-hand hats haven't been tampered with to let things in or out, though. Beware!

Score: 0

By eman8ions

edited Jun 20, 2005 - 1:36 PM

YES YES YES! Make it so!

If you need to accept payments online whether it's from ebay or your online stores. This matters. Authorize.net type merchant accounts are expensive and just plain a pain in the *ss and PayPal is just plain scary... hopefully Google does it right.

Score: 0

By Kramy

posted Jun 20, 2005 - 12:31 PM

Google is getting worse according to many people, but they're still a whole lot better than Paypal, and I trust them. If they did create such a thing I'd definately open an account and stick a couple hundred in it.

Just be sure to wait a few months for issues to be ironed out, or atleast until it goes 'non-beta'. Google makes solid stuff, but their beta stuff makes mistakes(hence why it's called beta).

Score: 0

By KSzostek

edited Jun 22, 2005 - 9:56 AM

How can they be so much better than Paypal, when it hasn't even started yet? Do you just enjoy bashing just to bash?

Score: 0

By PhoenixPath

posted Jun 20, 2005 - 2:20 PM

People are just basing their opinions on Google's past performance in markets they have entered. Besides, stating something is better than paypal...even if such a beast does not yet exist..isn't much of a stretch.

having no account is better than having a PayPal account to many, so having an account elsewhere would likely also be better.

Relax, man. Too much coffee *can* be a bad thing.

Score: 0

By KSzostek

posted Jun 22, 2005 - 9:53 AM

You are such an authority! What a stupid comment!

Score: 0

By nightops

posted Oct 13, 2005 - 1:58 PM

WTF? Man...justify *your* comment. Not that I agree with PipeWrench or PhoenixPath, but why should I follow an @$$nine statement like: "You are such an authority! What a stupid comment!" ????

Score: 0

By Sidetom

posted Jun 20, 2005 - 12:02 PM

Related thread:

http://www.designerslobby.com/threadnav554-1.html

Score: 0

By Davenport

posted Jun 20, 2005 - 11:51 AM

I sure hope this is true. Like many others, I have had a horrible experience with PayPal and would love to have a well-known and trusted(?) alternative for accepting and sending payments online.

Score: 0

By KSzostek

posted Jun 20, 2005 - 1:04 PM

Don't know how trusted it is!

Score: 0

By PhoenixPath

edited Jun 20, 2005 - 2:39 PM

Depends on who you talk to...lots of folks with tin-foil hats wandering around proclaiming Google =DOOM, but since there have yet to be any actual evidence of Google being Evil, I wouldn't be too influenced by those sporting the flashy head-gear.

Score: 0

By KSzostek

posted Jun 22, 2005 - 9:44 AM

I have to laugh at you.

Score: 0

By LiLWiP

posted Jun 20, 2005 - 3:11 PM

See, Phoenix, What you are missing is this...

http://oak.psych.gatech....ols-mattrobin-flash.swf

Apparently it is a flash animation from the future that slipped through a wormhole detailing Google's takeover of the world. The tin-foil hat wearing people may not be completely insane! (just 95%)

Get instructions to build your afdb here... Before it is too late and Google owns us all!
http://zapatopi.net/afdb.html

(This post might keep the naysayers involved with research deflector beanies and we won't have to read inane comments for a while!)

Score: 0

By 8bituser

edited Jun 20, 2005 - 6:45 PM

I was of the same attitude of the poster above who posted the "don't like - don't use them" advice.

But then I tried Google Adwords.

I have only been trying the free voucher amount of acvertising, although I worked out on the day of reckoning what I hadn't known, that they charge tax on their activation fee as well as the pay per click costs. This means that at that time I went a few pence over the free voucher and I think I read then they charge only in amounts of something like 50 dollars (or pounds, I can't remember).

But their system, aisde from this where I didn't read the small print and is bona fide for Google I reckon though not at all helpful in user friendliness, is APPALLING.

I have only read good things about Google Adwords elsewhere.

Firstly, they stall all or most of the search terms and then ask you to improve them. This means changing them. So if you are advertising something much to do with, for example the G8 summit, they could be asking you to change your adverts call up terms from "G8 Summit" to something else. This means you miss all of those people who search simply under "G8 Summit". Perhaps you are selling T-Shirts for the G8 Summit, and your advertising is ruined.

All of my search term call of words have been disabled at some point.

Then, they sent me an email saying that my advertising was not getting enough clicks (surely clicks are my interest, not my deviance or misdemeanour) and that I would be charged extra Recently they carged me another fee, called another activiation fee, as the advertising was too slow for them. I wonder if they charge tax on this activiation fee. This is a process they generally go through, continuosly. The only process. Like having your eyes sliced with a sharp knife.

Although I am sure I will pay Google for Adwords in the future, as it makes sense financially, I must say that this service is absolutely terrible and personally harrowing.

I suppose that only a tiny fraction of web users know about this state of affairs with Google Adwords. I am sure it is an anti-competitive practice in European and probably American competition law or convenes the law in some way in this respect. And I suppose the terms are in the contract somewhere so their habitual practice can't be against contract law, though I guess that such a practice as I described might be against contract law as it is against the spirit and subject of the contract.

But in these times no-one cares. Head down, don't say anything, especially about businesses, "they'll think its you", "no one else would say", "they work hard", "we shouldn't care about anything", "we're above them", "no one took this planet seriously from the start", "what are the two oldest professions? Go figure - if you rile them they are the second and you are something like the first."

Score: 0

By terminalx

posted Jun 20, 2005 - 7:15 PM

Hm...I have been using paypal for 4 yrs I had one case of fraud I got all my money back from paypals pocket minus a $25 fee which is stated in their tos...with paypal as widely used as it is I can't see google taking over that market...much less dent it...

Score: 0

By KSzostek

edited Jun 22, 2005 - 9:49 AM

I to use paypal and have had no problems in over 3 years. Most of these people don't even have an account with paypal, they just like to bash, just to bash!

Score: 0

By nightops

posted Oct 13, 2005 - 2:01 PM

Wow...I'm in awe of your...umm...what's the phrase?...OH..., wait...nah, you just need an AFDB

Score: 0

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