I had heard the rumor, and now it appears to be an open secret. Google is developing an internet payment system to compete with PayPal (also W$J).  If past results are any guide to future performance (e.g., Gmail, Google Maps, Froogle, GoogleAds, etc.), Google will unveil a service that mimics PayPal's functionality, but offers new features that distinguish the Google product from it's competitor. This should be a good thing for internet consumers.

Some folks are speculating that this is the first step towards Google Auctions. That would be consistent with Google's pattern of taking concepts developed by other companies and doing them one better on execution. (Has Google ever had a truly original product concept? Maybe the Library Project, but nothing that is currently offered.) It's hard for me to imagine that the world needs another auction site, but the fact that Google is pursuing non-advertising revenues is probably good news for Google shareholders. Now the question arises: can Google succeed in making money on anything but advertising?

One last note: John Yunker is wondering about a global gold rush by PayPal and Google. Interesting thoughts.

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