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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  1. identicon
    Greg Nelson, 19 Jun 2005 @ 5:24am

    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.

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