It's being reported that Google is going to launch an online payment system to compete with PayPal which is owned by the other big profitable Internet giant, eBay. While some commentators are projecting that this could really hurt eBay, this commentator wonders what the folks at Google are thinking in launching a competitor to one of their biggest advertising customers. If Google launches a competitor to the cash rich eBay, can it be long before eBay launches a competitor to Google?
On the other hand, as long as standards don't suffer, competition can only be good for us as consumers of both companies products. Whatever happens when giants this size start innovating and competing, we ought to see lower prices, better service and new ideas coming from both camps.
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PayPal is an e-commerce business allowing payments and money transfers to be made through the Internet. It serves as an electronic alternative to traditional paper methods such as cheques and money orders. PayPal performs payment processing for online vendors, sportsbook, auction sites, and other corporate users, for which it charges a fee. It also charges a transaction fee (3.4%) on private individuals receiving money and an additional per transaction fee. http://www.enterbet.com
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