Google confirms news on an online payment system

Google CEO Eric Schmidt has confirmed that the online search giant is indeed testing out a system that aims to speed purchases online. However, he went on to clarify that the system bears no resemblance to eBay’s PayPal service, which the market believes it would take on in the coming months.

The rumors about such a service dubbed Gbuy have been active on the net since quite sometime and now they are pretty much confirmed.

Schmidt added that a beta version of this service should be out pretty soon and their aim is to make it easier for the customer to make online purchases.

He said: “It’s not like PayPal at all. 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 added that the service is targeted at advertisers rather than regular web users. Though not many details were revealed at that meeting.