Google Unveils Online Payment
In a challenge to the leading online payment systems, Google Inc. has launched its long-awaited service, called Google Checkout. The new payments system will give Google a huge database of payments information for consumers as it will store names, shipping and credit card information and eliminate the need for consumers to resubmit that data with each purchase. Google will be responsible for processing credit card payments and keeping data safe. Google will charge merchants 2% of the value of each sale plus 20 cents per transaction. The company will reward its advertisers by offering them $10 in free sales processing for every dollar they spend on advertising.