Google Wallet Sign of Relief for PayPal Users
News broke yesterday that Google is releasing an online payment system dubbed as Google Wallet. This will be one of the first major steps by Google to diversify its offerings beyond search and Greg Sterling of the Kelsey Group writes that “the market will soon demand this to continue to pay such a premium for Google shares. Roughly 98 percent of Google’s revenues now come from advertising. PayPal was responsible for almost 25% of eBay’s first-quarter revenue.”
Speaking of PayPal, a recent news story on Techwhack brought loads of feedback from current PayPal users who are quite excited about the potential Google alternative service. “This seems to be good news for the existing users of the PayPal service as they like the idea of a competition for PayPal. User comments on an earlier news story has somewhat confirmed it. The biggest complaint from existing users is the high commission PayPal charges.”
But would Google charge less commission in its online payment service than PayPal? Perhaps. We may also expect Google to follow suit and drop the fees substantially for web masters using Google Wallet, in the same manner they did after their Urchin acquisition.
If you can’t wait for Google to launch their own online payment system then a simple search on any search engine will reveal multiple alternatives to PayPal. Here are the meta search results from DogPile.