Report: Google is planning a rival for PayPal

Google is preparing to launch an online payment system that might compete with eBay's PayPal electronic payment system, according to newspaper reports.

The chief executive of an unnamed online retailer said the retailer had been approached by Google to take part in the new service, according to a report in the June 20 edition of the The New York Times newspaper. The service was also discussed last Thursday at a conference for analysts hosted by investment advisor Piper Jaffray & Co., according to an earlier report in The Wall Street Journal.

No other details about the proposed service were published. Google's Japanese unit could not immediately be reached for comment.

A spokesman based in Google's Mountain View, California, headquarters said the company declined to comment on this matter.

The move by Google would be a chance to diversify its revenue stream, according to the reports.

Google's searches access just over 8 billion Web pages, according to the company's Web site. PayPal. says it has 71 million account members worldwide.

Google's main source of revenue is selling advertisements that appear next to search results and on the its Froogle price comparison Web site.

The company reported a net income of US$369 million for the three months ending March 31, nearly six times the income for the same period the previous year, on surging advertising revenues. Revenue for the three months to March 31 was US$1.3 billion, up 93 percent on the same period in 2004, the company said.

As of March 31, Google held US$2.5 billion in cash and equivalents, it said.

(Juan Carlos Perez in Miami contributed with this story.)

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Paul Kallender

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?