Google Wallet to compete with PayPal

People close to Google claim the search engine king plans to roll out an electronic-payment service that will be able to compete with Ebay's PayPal. Wall Street Journal wrote this service will be launched within the next six months.

Exact details of the search company's planned service are not known. But the knowledgeable people say it could have similarities with PayPal, which allows consumers to pay for purchases on Web sites by funding electronic-payment accounts from their credit cards or checking accounts. Some consumers like PayPal for the security it offers, since it allows them to share their banking or credit-card numbers only with PayPal without having to divulge the information to merchants.

Moving into this market could mean another revenue boost for Google, which earned 99 percent of its $3.2 billion revenue through online advertising last year. It is rumoured that Google's online payment service will be called Google Wallet. Read more at WSJ