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June 20, 2005

Google Wallet to Compete with PayPal

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The industry buzz this morning is that Google is planning on competing with Paypal by introducing its own form of an electronic payment system called Google Wallet.

According to the Wall Street Journal, Google Wallet would be similar to Paypal and would allow people to pay for online purchases through electronic funds transfer through their credit cards or bank accounts.

The WSJ also pointed to the fact that Paypal makes the majority of its money through Ebay auctions and if Google Wallet were to materialize, this would mean avid competition with Ebay. It is not so far-fetched to imagine that Google might compete by creating its own online auction site, in the same vein as Ebay.

According to Search Engine Journal, a problem which Google might encounter is user trust.

Google has struggled a bit in the trust department lately, with initiatives such as My Search History, Accelerator, Autolink and others raising privacy concerns. Because of its enormous success, some people are starting to regard Google with the skepticism that Microsoft routinely encounters.

It remains to be seen what Google will do with Google Wallet, if anything at all. The company has refused to comment on all the conjecture and at this point, it remains just that–conjecture.

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