Google to release PayPal competitor on June 28

— 10:55 AM on June 12, 2006

Google has scheduled the release of an online payment service for June 28, according to an article on Forbes. Dubbed GBuy, the service will act as a middle man between customers and merchants in a way similar to that of eBay-owned PayPal:

Consumers using GBuy, which is set for release on June 28, will be taken off the merchant's site to complete the payment. This will enable Google ... to capture e-commerce transaction data, driving more precise targeting in future searches.
Surprisingly, Google is expected to introduce its service for free. After "some period," though, GBuy will reportedly kick in 1.5-2% charges "in-line to slightly below" PayPal's. Forbes says GBuy will introduce "trusted merchants," as well, a feature RBC analyst Jordan Rohan believes will increase the number of hits to merchants with that title provided users see it as a mark of trust. However, the analyst predicts some initial reluctance from sellers who may believe that Google will take transaction data into account in order to charge some merchants more for sponsored links than others. Thanks to The Inquirer for the tip.
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