Google is already testing its new GBuy service, previously known as Google Wallet, according to a new article in The Wall Street Journal (thanks to Barry for the link). According to the source, Google is already recruiting some merchants to test out the service. Google acknowledges that it already processes online payments for ad services, as well as fees from consumers who use features such as Google Store and Google Earth.
Friendly competition never hurt anybody, right? Maybe, but not in PayPal’s case. They are readying their guns, that we can be sure of. This is a direct invasion into their domain and taking into account the fact that PayPal generated 23% of eBay’s total $1.3 billion quarterly revenue, they will not give up without a good fight.