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Google Wants an Online Payment System as Well

After Google`s announcement that the search engine company will release a speared-sheet application, we thought that there is no limit to Google`s ambitions, and now we learn that we were right. Google announced this week that they are working on a new service. That`s right, Google is trying to move on yet another market. Google`s one of the most successful internet companies in the world and only increasing in power year to year.

Google is currently testing a system that will speed online purchases, but in a different way that the eBay owned PayPal is doing. Google`s CEO, Eric Schmidt, said that a beta version of the new service is expected soon. The system will enhance the consumer-marketer connection and will make online buying much faster. "It`s not like PayPal at all," Schmidt said when asked about "GBuy" during a New York meeting hosted by Conde Nast`s new Portfolio business magazine. "It makes no sense for us to go into businesses that are occupied by existing leaders," he said. "We want to solve new problems in the payments space."

Schmidt did not elaborate and specific details were not mentioned. The new system targets advertisers rather than general consumers, but Schmidt did not say in what way the new system differs from PayPal.