Shares of eBayare down todayafter word comes of a potential rival for its PayPal electronic payment service courtesy the gang at Google.
Though it’s currently going by the code name “Google Wallet”, various headlines are calling it everything from GMoneyto The Bank of Google.
Word first leaked late last week at a Piper Jaffray Internet conference, where several execs said they’d be approached by Google with plans for a system which would help the company diversify its 99% AdSense-based revenue and position itself for a bigger piece of the commerce pie.
Gary Price points outthat Google filed an application for an entity called “Google Payment Corporation”back in April, though its not confirmed whether the two are linked. Also not confirmed is when the new service will launch, though many say it will be soon.
Read more in this WSJ journal article that broke the storyand this NY Times piece playing catch-up.
When we wrote about the release of the Google Web Acceleratorlast month we said the firm was “completing the trifecta of web domination.” Guess we’ll have to amend that, as this takes that one step further.
Now Google knows what you’re looking for, what you’re buying, how you’re converting, where you’re going before and after, and can now use that information to bolster its search advertising as well as blow its competitors out of the water while providing further value for its users.
And just in case it fails in any of those aims, some enterprising individuals have already bought GoogleWalletSucks.com.
