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Monday, June 20, 2005

Search Engine News: Move Over PayPal, Here Comes Google Wallet?

Posted by @ 12:05 am

According to a report by the Wall Street Journal, Google is planning to launch an electronic payment service to compete with eBay’s PayPal. While officials from both companies declined to comment, the WSJ suggests that this payment service, code named “Google Wallet”, could be available as early as this year.

This move would help Google diversify its revenue base, which currently relies to 99% on advertising revenue. At the same time, this move would pose a serious threat to eBay. In this first quarter alone, PayPal generated 23.1% or $233.1 million of eBay’s revenue. Just over 70% of this revenue was generated through the use of PayPal for eBay auctions, the remaining 30% were generated by use of PayPal on other websites. Looks like the next competitive battle between giants may be underway.

Discussion (5 - comments)

I don’t think Google will think of a service where lots of issues are there.

Credit Card, Payment Issues
The present companies need to incorporate it, and moreover as the figures shown if eBay denies Google wallet there is not much issues for Payal such as only a 30% is moving out and again that full 30% is not going to go out also. Again most of the merchants like the direct credit card accepting rather than wait for a long to get the money.

Let’s wait and see…

By Sun - June 21, 2005

It will take a lot to improve on Paypal’s service and ease of use. I am curious if they are going to target small or large volume business. Paypal currently make the most since for small business and a real merchant account for big business.

By Anonymous - June 21, 2005

Bravo. Competition is required to lower the cash grab that PayPal is famous for, and its reputation for freezing accounts. Google brains applied to this necessity should prove a winner. Time will tell.

By Anonymous - June 21, 2005

There definitely is a need for an alternative to Paypal, who will not allow anything that requires one to be 18 years old. Funny, since legally you need to be 18+ to enter into contracts, which you need to do to use Paypal. Ironic.
They froze my money, I waited 6 months , then when I finally got it, they still kept my account active. So it seems they allow your account to remain active, and they hope to freeze your money and profit from the interest on your money again.
There are other companies, such as Monpay, and Stormpay, but their systems are ackward to use.
Does anyone know of others to use that are not as strict as paypal? Thanks, and Happy Trails, The Wonderpony

By Wonderpony - June 21, 2005

Liking the idea of competition here as well. Hopefuly that will lower prices, and allow the small e-business more room for growth.
Direct card taking will always be the quickest, but it is also the most wide open for fraud..lots of that going around these days.

By Anonymous - June 23, 2005

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