Google Unveils Online PaymentSystem

PALO ALTO, Calif. - (06/30/06) -- In a challenge to the leading onlinepayment systems, Google Inc. launched its long-awaited serviceThursday, called Google Checkout. The new payments system will giveGoogle a huge database of payments information for consumers as itwill store names, shipping and credit card information andeliminate the need for consumers to resubmit that data with eachpurchase. Google will be responsible for processing the credit cardpayments and keeping data safe. Google will charge merchants 2% ofthe value of each sale plus 20 cents per transaction -- a fee thatearly users said was in line with other options. The company willreward its advertisers by offering them $10 in free salesprocessing for every dollar they spend on its advertising program,AdWords.