Google Wallet Service to Rival PayPal
According to a WSJ article, Google plans to offer an online payment system similar to eBay’s PayPal. “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.”
The article also states that some believe the service’s code name is Google Wallet. Expanding into payment services will help make Google less dependent on advertising, which accounts for almost all of its revenue. Nothing has been confirmed by Google.
The news coincides with PayPal’s launch of Website Payments Pro. Update: Gary Price discovers the Google Payment Corporation.
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Michael Nguyen blogs regularly at Social Patterns.
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