23 June 2005
Google's CEO, Eric Schmidt, has revealed that while the internet giant is developing an electronic payments product, it will not be a "person-to-person stored value payments system", such as eBay's Paypal.
The news will come as a relief to eBay, after speculation that Google would release a service to rival its online credit card payment system caused shares in the auction site to fall by three per cent.
Mr Schmidt did not reveal exact details surrounding the product, but did go so far as to say that Google is working on a system that is a "natural evolution" of its existing online search, advertising and price comparison services.
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