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Google Wallet To Compete With PayPal

Just saw an interesting thread over at the Webmaster World.com forum.  It looks like Google is going to be launching an Internet online payment processing service similar to PayPal.  Rumor has it that the new service will be called "Google Wallet."

According to the Wall Street Journal, PayPal earned $233.1 million for eBay, its parent company, in the first quarter of 2005.  That means PayPal accounted for 23% of the gross revenue for eBay during that quarter.  Google's gross revenue for 2004.  It will be interesting to see how the competition affects eBay and PayPal if Google does launch Google Wallet (and it looks like they will).

Check out the interesting discussion on Google Wallet at the Webmaster World.com forum, Reports Indicate Google is Working on PayPal Alternative...

And the original thread on Google Wallet at the Webmaster World.com forum, Google plans Paypal-type payment service...

Be sure to also read the in-depth Wall Street Journal article, Google Plans Online-Payment Service...

Technorati tags: Google Google Wallet PayPal eBay