« If he'd only stuck to pushing papers... | Main | The latest illegal alien updates »

Google Sets To Challenge PayPal

Say you run Google and you're coming off a giant IPO and your stock price is still in the stratosphere, but you're still looking for growth opportunities. What's your next move? How about taking on one of the least liked, but most profitable monopolies on the internet? No, I'm not talking about Microsoft...

MOUNTAIN VIEW, Calif. (June 18) - Online search-engine leader Google Inc. is preparing to introduce an electronic payment system later this year in a move that would pose a financial threat to one of its biggest advertisers, Internet auctioneer eBay Inc.

The Wall Street Journal reported Google's plans on its Web site late Friday, citing sources familiar with the Mountain View-based company's plans. The Journal did not provide any details about Google's strategy.

...The likelihood of Google rolling out an online payment system to rival eBay's popular PayPal service became a hot topic during an Internet conference hosted Thursday by Piper Jaffray.

"It could be a pretty big negative for eBay if it happens," said Piper Jaffray analyst Safa Rashtchy, who follows Google as well as the Web's leading auction site.

PayPal has a dark side, one which we've chronicled in the past. PayPalSucks.com is littered with stories of PayPal account holders whose funds have been frozen for 6 months when their accounts were suspended or terminated. PayPal accounts can be terminated for most any reason, and their usually no chance to appeal or even learn the real reason for suspension. Spend a few minutes at PayPalSucks.com, or read the posts linked below, if think PayPal is the greatest thing since sliced bread, and know that it's just a matter of time before it happens to you.

Don't think people won't be abandoning PayPal in droves once Google gets in the game. Soon it will be time to say farewell (and good riddance) to PayPal forever, and it couldn't happen to a more deserving bunch of pond scum...

Previously:

All Your Blogs Are Belong To Us
The PayPal Saga - Part II
PayPal Dings Another Site
PayPal Still Sucks
All thanks to Allah for the heads up on this story. Allahu Akbar!


TrackBack

Listed below are links to weblogs that reference Google Sets To Challenge PayPal:

» Les Jones linked with Google to Compete with PayPal?

Comments (10)

As a buyer, I use PayPal fo... (Below threshold)
arb:

As a buyer, I use PayPal for most transactions on eBay, but maintain a zero balance in my PayPal account. Don't ever forget - They're not a bank, but they play one on TV.

If they take less than 33¢ ... (Below threshold)

If they take less than 33¢ on the dollar, I'm all for it.

yahooskies!... (Below threshold)
Paul:

yahooskies!

I too, maintain a zero bala... (Below threshold)
beej:

I too, maintain a zero balance. Anything that gets sent to me through PayPal mvoes right into my bank account. I do think PP is one of the greatest things since sliced bread. It allows me to purchase things online w/o a credit card as well as allow me to accept online payments from clients who use my web design business services.

Ahhhhhhhh, Paypal, the bank... (Below threshold)
Omni:

Ahhhhhhhh, Paypal, the banking institution to which no banking laws are currently being applied; if Google's smart, they'll get some of the disgruntled ex-PayPal members together and sue, to force lawmakers to realize that they need to apply banking regulations to 'em... which would swiftly lead to their demise.

PayPal got on my bad side o... (Below threshold)

PayPal got on my bad side on day one.

F**k 'em.

I delete all and any email ... (Below threshold)
-S-:

I delete all and any email that even mentions in any area of the header "PayPal" and/or "eBay" or any permutations of either.

After so many phishing scams received, I just no longer pay attention to much of anything related to either, at least where emails are concerned.

And, yes, I agree that PayPal (the real one, the one should only ever be accessed by going to their website directly in your browser and never via any email link or program) has made things simpler to exchange small amounts of money, but I never leave anything there due to these stories.

My bank guarantees use of their services on the internet so, so far, purchases and such without PayPal have been really easy and secure enough to guarantee me refunds/credits if needed.

I have a secure server available on my two websites, but just haven't (yet) initiated them (but plan to), such that I think I can soon just avoid PayPal altogether. But it's a great idea for simple, small amounts of payments sent to someone, I agree.

Too bad Google is as anti-g... (Below threshold)
Kim:

Too bad Google is as anti-gun as PayPal and Ebay.

24 hours after I read this ... (Below threshold)

24 hours after I read this post, I have a PayPal issue where they double-posted a payment on an auction item. Thankfully, the seller refunded the money right away.

Good thing, because my call with Paypal support was infuriating. They pretty much told me, "Not our problem, call the seller."

In fact, it was their problem, but they just can't be bothered when it comes to helping their customers out in a situation like this. I am all over the Google payment system when it comes out. It certainly can't be any worse than payPal.

Google filed documents to e... (Below threshold)

Google filed documents to establish a new company called Google Payments Corporation. For example, Google wallets could be funded in real time from online banking with UseMyBank. A huge advantage over PayPal.

Our company has been called "the next PayPal" by the editor of E Payments News. We are about to have more buying power for our online Sellers than any other method outside of credit cards. There is a really new option for online banking consumers in America this summer. "Instant Online Debit Payments" UseMybank has the ability to fund PayPal and Google wallets in real time from online banking. No more waiting days for checks to clear.

Our company, UseMyBank Services has pioneered a way for consumers with online banking to make "Instant Online Debit Payments" to Internet Sellers with UseMyBank. This is great news for the 30-40% of North Americans without credit cards and those who do not feel comfortable giving online merchants their credit card number. At the Seller's checkout, a Buyer selects their financial institution and makes an instant debit payment from their online bank.

Over 12 million Canadians have been able to make "instant online debit payments" to Sellers with UseMyBank since 2002. UseMyBank is well proven with many of the largest and most sophisticated online banks and internet merchants in the world, processing 10's of millions. This summer, millions of Americans and Europeans are about to get the same choices. Sellers want that buying power and consumers love the new choices and control they have to make online purchases. Many for the first time in their lives.

Almost every retailer offers debit payments in stores and the majority now pay that way. For any online seller to lose a customer because they are unable to process a transaction is costly and preventable. UseMyBank’s payment service has proven to increase online sales for merchants with credit card only sites by 10% to 30%. Today's consumers want full acceptance of all online payment methods and the same choices they have in the bricks and mortar world. Sellers with UseMyBank's debit solution now have another compelling reason for consumers to shop online with them over their competitors.

Latest company news:
http://www.usemybank.com/news.asp

Please consider us for your next story on payments.

Thank you for your time.

Sincerely,

Brian Crozier
VP Business Development
UseMyBank Services, Inc.
[email protected]




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy