The service, believed to launch on 28 June, has been given the codename GBuy
but does not have an official name, according to Google.
Eric Schmidt, chief executive at the search giant, denied that the service
was designed to compete directly with
eBay-owned
PayPal.
"It's not like PayPal at all," Schmidt told
Reuters.
"It makes no sense for us to go into businesses that are occupied by existing
leaders. We want to solve new problems in the payments space."
Schmidt explained that that the system would not be aimed at general
consumers, but at advertisers.
But analyst firm
RBC
Capital Markets said that the service could expand over time to include
consumer-to-consumer transactions, putting it firmly in PayPal's territory.
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