We've had rumors that Google would launch its own PayPal-like payment system this week. Widely reported as GBuy, the Wall Street Journal has a few further details of what looks to be coming any day now.
Google Gets Ready to Test GBuy, A New Online-Payment Option (paid sub. required) covers how GBuy might give rebates back to those making purchases; how GBuy's 2.2 commission on sales would be higher than PayPal's 1.9 percent rate, but also how AdWords advertisers might get commission eliminated or be given a discount. Those advertisers also might get special icons next to their ads, to show they accept GBuy payments.
Google GBuy Launch Later This Month To Challenge PayPal? from us last week provides a timeline of how we've gotten to the existing and live Google Payments system on Google Base to the expected launch of this new system for transactions that happen outside Google's own properties.
Earlier this month, Eric Schmidt reiterated that the new system he said would be coming from Google was "not like PayPal at all." We'll see, but it sure feels that way.
Meanwhile, Valleywag notes that Google is hosting a free talk on micropayments this Thursday. It features two micropayment companies but also sees like nice timing for Google to talk about its own less-than-micro payment system