Google, the leading search engine company in search of itself has again added a new service to its eclectic portfolio. Later this year, Google plans to offer an electronic payment service that will compete directly with PayPal, owned by eBay. Services will, reportedly, include processing payments using consumer credit cards and checking accounts, the mainstay of PayPal's service.
According to this morning's Wall Street Journal, Google's commissions for processing each transaction in the payment service could significantly increase its $3.2 billion annual revenue, which currently comes primarily from online advertising services.
Dave's Opinion
Should Google enter the payment processing market, PayPal will have to dance with the wolf, and quickly, if it wants to remain in business. E-business helps to flatten the world, to use Thomas Friedman's term, and Google is taking full advantage of the pancaking effect of its global presence and name.
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References
Wall Street Journal, Google Set to Offer Payment Service to Compete With eBay's PayPal