Google: Google Wallet

Google wallet is going to be a brand new online payment system much like paypal. If I know Google, this is going to be a great option for the average web surfer to easily buy products online.

Not only will the web surfer benefit, so will the online merchants who accept Google wallet payments. Even the online auction houses will benefit by providing their members an alternative to the monopolizing paypal payment system. Will this help open the door to online micro payments? Probably. 

With the volcanic increase in the online business the need for a simple transaction system was long felt. Though there was a powerful system to provide that- Paypal - it was felt that more competitors should join this fray and improve the facilities. 

The products launched by Google are very popular, robust in design, and have cutting-edge technology base. Online businessmen and women are looking forward for this product as a major breakthrough, which can solve many business transaction problems for them.

Google Wallet will be launched by Google to provide online transactions like E-Bay owned Paypal. But Google's CEO Eric Schmidt has stated that it is not just another Paypal system-it will be different. A good statement indeed!

Paypal till now has been the best, cheapest, and the most secure digital method to transact the funds electronically. Paypal services allow consumers-which range from more that 40 countries and there are more than 70 million accounts registered with Paypal-to pay for purchases directly on Web sites by funding electronic-payment accounts from their credit cards or bank checking accounts. 

Google Wallet is expected to provide its users with a major new chunk of extra revenue money, which comes from the saved fees Google is now paying to banks and delivery services to distribute its payments to advertisers and publishers. Also the commission fees that Google will leverage from individual transactions will add to the total revenue. 

It seems that the major benefits of this service will be outstanding. Google accepts credit card payment for some of its services including advertisement and ad publishing. With this new facility for the users, Google will create a whole New World that would involve Google, its users, and no third party! It is clear that Google's publishing and advertising business benefit with this new service. Also giving the rival Paypal a run for it's money and setting a more fair battleground in the online transaction arena.

Apart from revenue building, the Google Wallet may also provide the strategic marketing and business information related to how its present advertising customers would be spending their money. However, it is a very significant point to notice that Google has disclosed no official details as how and when Google Wallet will start functioning.

E-Bay's Paypal service generated $233.1 million, or 23%, of E-Bay's total revenue in the first quarter. The security provided by PayPal is awesome and merchants all over the globe have almost blind faith in dealing with Paypal. But with Google coming into fray, it is obvious and clear that the users of Paypal will decrease, for, Google is not a new name in the online marketing world, and everyone knows the potentialities of the Google products! So it is clear indication of the possible threat for Paypal in its users and its revenue.

Get even more information from other sources, search:

Introduction
Web design
Web site hosting
Digital products
Accepting credit cards
Web site promotion
Buy a web business

Sites of interest
Business forms
Legal forms
Website templates