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PayPal Chief Doesn't Believes Google's Statements About Online Payment System

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Mylene Mangalindan's article in the Wall Street Journal (free to all): PayPal Prepares For a Challenge From Google takes a look at how online payment service, PayPal is preparing it's forces and resources against Google's plans to make a play in the online payment space (formerly Google Wallet) or what is now being referred to as GBuy.

Jeff Jordan, President of eBay's PayPal division, told the WSJ that what Google is up to is a "very legitimate" threat to his company and goes on to say:

...he and his team immediately "dissected the wording" of Google's statements. He says he doesn't believe Mr. Schmidt. In the past, Mr. Jordan says, Mr. Schmidt had denied Google would roll out a payments service, only to take it back later. "We took [the comments Mr. Schmidt made] as 'Thou doth protest too much,' " says Mr. Jordan.

Specifically, on what Google is developing:

For the last nine months, Google has recruited online retailers to test GBuy, according to one person briefed on the service. GBuy will feature an icon posted alongside the paid-search ads of merchants, which Google hopes will tempt consumers to click on the ads, says this person. GBuy will also let consumers store their credit-card information on Google.

We also know that Google is already handling the payments for videos sold through the Google Video Store and extended services for Google Earth.

Last March, Google formed the Google Payment Corporation. More in this post.

See Also: Google Does Plan Payment System, But Not PayPal-Like One

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