Google CEO Confirms New Payment Service
According to an eWeek report, Google CEO Eric Schmidt confirmed the rumors that they are developing the new Google Wallet payment system. However, he denied that it will compete with PayPal, saying it is a different type of service alltogether. Here's a quote from his official statement:
"The payment services we are working on are a natural evolution of Google's existing online products and advertising programs, which today connect millions of consumers and advertisers," Schmidt said in the statement. "We are building products in the area to solve new problems in e-commerce."
Even though he says it is not designed to compete with PayPal, I can't help but wonder if will eventually expand to the point where it could effectively replace PayPal, even though it is a "different type of service". Only time will tell.
"The payment services we are working on are a natural evolution of Google's existing online products and advertising programs, which today connect millions of consumers and advertisers," Schmidt said in the statement. "We are building products in the area to solve new problems in e-commerce."
Even though he says it is not designed to compete with PayPal, I can't help but wonder if will eventually expand to the point where it could effectively replace PayPal, even though it is a "different type of service". Only time will tell.
posted by Dave @ 9:54 AM
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