Google Wants To Be Your Bank, Too

from the Gpal?-G-Money? dept

Is there anything Google won’t eventually launch on its own? There were some random rumors earlier this week that Google was working on their own iTunes-type offering, but now the Wall Street Journal and Reuters are reporting that Google is getting close to launching a PayPal-wannabe payment system, nicknamed Google Wallet (not quite as fun as “G-Money” would be). The rumor is based on a panel discussion where an e-commerce consultant said some of his clients had been approached by Google about using such a system. Of course, Yahoo had their own PayPal wannabe for a while, called PayDirect, that they eventually shut down after no one used it. Even eBay had their own PayPal wannabe that no one used before buying PayPal. Despite that, Google certainly seems to be pretty good at getting people to adopt their offerings — and if they can really improve on the PayPal experience, a lot of pent-up frustration directed at PayPal could drive plenty of users to the Google solution. Just one more step down the path for Google to be competing directly with eBay, apparently.


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Comments on “Google Wants To Be Your Bank, Too”

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20 Comments
davidj (user link) says:

G-Money

GMoney got a good laugh out of me. That would be the awesomest name.

I love google. I love their search, their maps, their gmail, and other things too. I keep hearing of more and more things that they ‘may or may not’ get into and it makes me nervous. I would think that unless there was some serious money coming back in my pocket instead of going to theirs that any attempt to be paypal will fail by anybody. I don’t know why google would want to even try.

TJ says:

Good for them

Once eBay bought Paypal, the list of things one can pay for with it would probably be shorter than the list of things one can’t. That combined with a seemingly large number of horror stories about frozen accounts and getting customer support makes me glad that Google will be entering the market.

Not only will Google be likely to try to be more reasonable to protect their ‘do no evil’ brand, but it seems they would have enough clout to force PayPal to actually compete and perhaps provide better service. Once Google does this, surely Google auctions is one of the next steps.

Greg Nelson says:

Strategic Focus?

As the first post stated, I would be worried about why google is attempting to do soo many things at once. It’s not possible to be the best of everything. I’ve read that 90%+ of their income comes from ad revenue.

After their initial offering, I would think it would be hard for google to maintain an accross the board competitive advantage for it’s new offerings.

Perhaps they could built up a small stable of core projects and then flipped them out and made a bit of cash. Otherwise I would think they would be diluting their brand, unless they could keep some central theme, like Virgin.

Yeabut says:

Re: Strategic Focus?

Good point, but who the hell knows? These guys are obviously smarter than most.

Maybe their whole strategy is to simply do everything everyone else has already done before, but in a way that takes a long term approach to what’s good for the user.

AOL has previously tried to do everything Google is doing, but these efforts always came with an unasked for icon like “Get $$$ to refer Friends!” and other tray barnacles. Google never shoves this crap down your throat.

Not to mention that Paypal IS expensive and IS operating in a virtual competitive vacuum.

no tinfoilhats please says:

No Subject Given

google has direct links to [redacted]. Google monitors and stores emails. Google monitors and stores searches. Google monitors and stores map requests. Google has full world satellite coverage. Google can soon monitor and store financial transactions. The only thing left for a complete monitoring system is telephony. Watch for google voip.

Kartik says:

Re: One way...

I can see how linking g-mail with google wallet would create a nice seamless product. electronically send mail and money, all using the same interface. count on google coming up with a stategy that creates a strong demand for it’s service, just like they did with g-mail. also, look for google to enter the retail market, either with music and/or video and use its payment service to facilitate transactions.

I think this is a good entry point for google wallet because paypal will be discontinuing their bill pay service in august, which for many of us is a feature that’s really important.

johnny b says:

GO google 2 HELL WITH PAYPAL

Paypal Has been screwing evryone with their captive type payment services for too long. 3% + a transaction fee,,,They are the NEW MOB – TONY SOPRANO would be in Jail for such theivery.

I WILL GIVE ALL MY TRANSACTIONS TO GOOGLE , thats about 20 thousand transactions a year… CANT WAIT GO GOOGLE

P.S YOU KNOW PAYPAL WILL NOW OFFER A VOLUME TEIRED DICOUNT TO TRY AND RETAIN THE VOLUME CUSTOMERS , PAYPAL TO LITTLE TOO LATE….

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