Google’s “Nanosecond” Payment Service Launches; Ad Buyers Gets Waived Fee

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The much-hyped and expected payment service from Google is launching today, and it is not called Gbuy…but it is called Google Checkout, and is a service that will allow users to make purchases from online stores using payment and shipping information they keep on file with Google.
“The goal here is to make it be one nanosecond from the time the customer decides to buy to the time the transaction is complete and the product is on the way,” CEO Eric Schmidt said. I’m sure Amazon and eBay have something to say about that statement.
The service is much like Paypal, but for merchants, the service comes with a twist: Google will waive some or all of the transaction fees for companies that buy advertising from it. That may give the service a leg up on competitors like PayPal and several smaller companies that help online merchants accept credit cards, NYT’s story says.
Rafe Needleman: “Will people trust Google? I bet they will. Google will push its high-end partners — Buy.com, Starbucks, Timberland, and Levis are all part of the launch — and the Google Checkout logo will appear on AdSense items from these and other vendors. This flag will take on a Visa-like pervasiveness”.

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