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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.