Open your wallet to Google

Give Google credit for one thing: The search giant has a way of generating a lot of buzz.

This week, possibly as soon as Wednesday, Google is expected by many to unveil a new Internet payment system. It may start out as an online wallet but could become a PayPal-like infrastructure for payments across the Web, handling everything from skis to music and videos, analysts said Tuesday.

Interesting as that may sound, Google execs have actually said little about this service publicly. But–as has been the case with most other assumed product launches, from the successful Google Earth to the so-called Google Cube co-founder Larry Page was supposedly going to unveil at the Consumer Electronics Show in January but never did–that hasn’t stopped Google watchers on Wall Street and in the blogosphere from going into high predictive mode.

“There is quite a bit of excitement and buzz among merchants,” about Google Gbuy, as reports have called it, said Safa Rashtchy, an analyst at Piper Jaffray.

Rumors of a Google payment system have been circulating for months. Two weeks ago, Google Chief Executive Eric Schmidt confirmed that the company was testing a system that aimed to speed online purchases, but he said it would not compete directly with eBay’s PayPal. The system is targeted at advertisers and not general consumers, Schmidt said during a meeting in New York hosted by Conde Nast’s Portfolio business magazine, without elaborating.

Google released a vague statement Tuesday saying: “Billing and payments have historically been a part of Google’s advertising programs and online services. As we’ve previously announced, we offer users the ability to buy items on Google Base and at the Google Store as well as pay for services like Google AdWords, Google Video and Google Earth. We have nothing specific to announce at this time.”

Full article: TechRepublic

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