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!

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