According to a reliable source (aka forbes.com), Google will be launching its payment system this June 28. Google's Gbuy will be a direct competitor of eBay's Paypal.

This will definitely be good news. Any type of competition would always benefit the end consumers. We could probably expect lower merchant discount rates compared to paypal which means more profit for the merchant.

On the consumer side, I hope google offers Gbuy to the whole world. Paypal has a list countries it supports and if Gbuy can offer its payment system to a wider audience, then that would definitely be a big plus for them.

[via forbes.com ]