Google takes on PayPal

Google is planning to launch a rival electronic payment service to eBay’s PayPal system.

Google is planning to launch a rival electronic payment service to eBay’s PayPal system.

 

The Wall Street Journal said Google was gearing up to launch it later this year.  

 

The service is intended to help the leading search engine company diversify its revenues.

 

Google currently relies on online advertising and sponsored search links for its sales. A Google system to rival PayPal would probably be based on the same formula of taking a small cut from any electronic transaction between an online buyer and seller.

 

PayPal currently generates most of its sales from eBay purchases, although eBay has been trying to extend its system to other websites.

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