A Person-to-Person, Stored-Value System?

OK, so CEO Eric Schmidt says that Google is not building a PayPal competitor after all. In fact, it’s apparently much more — or perhaps much less — than that…

“Although he declined to provide any details about the project, Schmidt made it clear it won’t trespass on PayPal’s turf.

“We do not intend to offer a person-to-person, stored-value payments system,” Schmidt said during an interview with The Associated Press.”

He also said:

“The payment services we are working on are a natural evolution of Google’s existing online products and advertising programs which today connect millions of consumers and advertisers,” Schmidt said. He declined to elaborate.”

I think what he’s saying is that what Google has planned is “way cooler than PayPal, dude. Like, oh yeah.”

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Cory Kleinschmidt is co-founder of Traffick.com, which offers a unique analysis of search engine and eBusiness trends. As Webmaster of Traffick, he designed the site, and continues to maintains it and contributes informative articles for webmasters and internet professionals.