Google decides to start its own electronic payment system
MIL/Agencies, Jun 20, 2005. Special Correspondent
Washington - Google has a new plan of launching its own version of an electronic payment system by the end of the year. This system shall give a hard competition to Ebay's Paypal.
The new planning shows that Google is determined and positive to be actively involved in an online commerce. So far its own revenue is concerned, it has been coming only from online advertising. The system of PayPal allows consumers to pay on Web sites for their purchases by funding electronic-payment accounts from their credit cards or checking accounts, as they may desire.
By Google's entry in this area shall definitely affect Ebay's revenue from PayPal in case Google serves the customers better than PayPals'. As per present figures, Ebay's earning from PayPal was about $233 million in the first quarter.
According to Piper Jaffry analyst Safa Rashtchy, "It could be a pretty big negative for eBay if it happens," he follows Google as well as the Web's leading auction site.
There is an all round happiness among the people when they have learnt that Google is coming out with a new plan of competing PayPal. They also expect that
Google would be able to provide better services to the people that shall definitely give a tough and firm rivalry to PayPal but all will be in public interest.
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