Google's new mission

Is Google developing an online-payment system to rival PayPal's? Certainly seems that way.  "People familiar with the matter" leaked the news to The Wall Street Journal late Friday, offering few details beyond the most obvious.  And in the pages of today's New York Times, an online retailer claims to have been been approached by the search giant to take part in just such an effort. Lending heft to both reports is the new business Google filed to incorporate, not two months ago -- Google Payment Corporation.  With a full 99 percent of its revenues tied to online advertising, Google is a company in obvious need of diversification. Offering an innovative way for people to transact money online would be an easy way for it to achieve that. Certainly it could potentially be integrated into Google's core advertising program and, beyond that, be extended to target the broader online merchant opportunity. Micropayments anyone?

Source: SV.COM