Google Plans Online PaymentService

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MOUNTAIN VIEW, Calif. - (11/01/05) -- Google is expected to unveil anonline payment system as soon as the next few weeks in order totake advantage of holiday spending season. The payments system, tobe called Google Wallet, will allow consumers to pay merchantsonline from their own credit union or bank accounts without using acredit card. The company has been piloting the system for the pastsix months. It is not clear whether Google Wallet will alsofacilitate person-to-person transfers. The online payment system isexpected to be part of a comprehensive strategy by the Internetsearch engine that will include the subsequent launch of an onlineclassified and selling service, similar to the one offered byeBay.

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