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June 22, 2005

Google Wallet: Fact or Fiction?

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On June 20th, I reported on the rumors that Google is introducing its own version of Paypal called Google Wallet. Today there is more on this news strand.

According to Marketing Vox, Eric Schmidt (CEO of Google) said that in no way was Google planning on competing with Paypal with the introduction of their electronic payment product.

The speculation was, in part, caused by Google’s acquisition of a subsidiary called Google Payment Corporation, but according to Schmidt, this corporation is working as an extension of the search engine: in Google’s online products and their advertising programs.

It remains to be seen if Google will, in fact, compete with Paypal or if Schmidt speaks the truth.

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