Google Unveils Online PaymentSystem

January 09, 2006, 1:00 a.m. EST 1 Min Read

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LAS VEGAS - (01/09/06) Search engine Google introducedits long-anticipated online payments system over the weekend aspart of the launch of a pay-per-download online video servicecalled Google Video Store, at the annual Consumer Electronics Showhere. The electronic payments system, dubbed Google Wallet, will besimilar to eBay's PayPal application, which allows consumers to payfor purchases by funding e-payments from their credit cardaccounts. Through Google Video Store the company plans to beginselling video content, including entertainment, sports and newsprogramming, from providers such as CBS Corporation, Sony BMG andmajor league sports. Hit shows, movies and NBA basketball gameswill be available over Google for $1.99 or more. To pay for contentconsumers will need a credit card account. The new payment systemwill not only give Google access to millions of consumer accountsbut also establish Google as a new financial intermediary, indirect competition with banks and credit unions.

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