Google tests Web buying system, says unlike PayPal

NEW YORK (Reuters) — Internet search leader Google is testing a system that aims to speed purchases online but bears no resemblance to the popular PayPal payments service of Web auctioneer eBay, Google's chief executive said Thursday.
Analysts had recently speculated whether Google would directly compete with PayPal, dubbing its potential new service "GBuy." Google has not yet announced details of such a service or given it a name.

But Google CEO Eric Schmidt provided limited details about the system Thursday. The company's payment system will aim to facilitate quicker purchases by a consumer from a marketer, and a beta version is expected soon, he said.

"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."

He said the system was targeted at advertisers and not general consumers, but he did not elaborate on how it differed from PayPal. Google officials could not be reached for further details....for more of the story from USA Today