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Monday, June 20, 2005

Google's banking plans

Google's ambitions are high, no wonder, considering their current shareprice of close to US$300. I wonder if they are actually still the nice guys company with the slogan: "Do no evil". May be I am just romantic, but anyway, they are helping me a lot with my work with offerings such as Desktop Search, or their Google Toolbar..

Over the years they exist, Google's products have expanded dramatically. Under their wings is GMail, News, Froogle, and not to be forgotten, Blogger, and Picasa.

To expand, Google has to be more ambiteous than ever before and it might become more difficult - the easy fruits have been taken already and their income is still 99% online advertising, something that can easily be disrupted by clever competitors. "The move signals Google's intention to become much more deeply involved in online commerce, writes the New York Times.

Their newest plan appears to be a rival to PayPal, which would then heighten the competition to eBay. "Rumors about a new Google payment service escalated following a panel discussion at a Piper Jaffray Internet conference on Thursday, the newspaper said.

At the conference, Scot Wingo, chief executive of ChannelAdvisor, a Morrisville, N.C. e-commerce consulting firm, said he believed the payment service would be launched soon, according to the newspaper."

So the question is also when and how. Will it be a free service? Will it be successful? "Google's vast reach and reputation with consumers may well be able to promote its service. Google could, for example, place an icon on advertisements, or listings on Froogle, indicating that certain stores accepted its payment system. This could be enough to get merchants to take part."

This could be it. It certainly offers more choice, which is something positive, and would make online businesses more competitive.

(By Asia Business Consulting)