June 12, 2006
Google’s Gbuy Nearing Launch – No Transaction Fee During Initial Phase
Written by: Juanchito
I was reading an article today that Google is ready to launch it’s new Gbuy to compete with eBay and Paypal. This should be a really interesting battle and competition is always good for us the consumer. It should lower costs. I hope Google Gbuy does really well because I have a plan to create a website that would collect a lot of small sums of money. They transaction costs are killer when using a credit card.
Here’s an excerpt of the full article on the launch:
Google’s online payment system, Gbuy, is expected to launch June 28, further pitting the Internet giant against industry titan and rival eBay, according to a research note released Friday by a Wall Street analyst.
Gbuy is expected to be free during the initial phase, but merchants may eventually be charged a 1.5 percent to 2 percent per-transaction fee, Jordan Rohan, an RBC Capital Markets analyst, said in his research note. A fee of that size would be slightly less than that charged by eBay’s online payment system, PayPal.
Google was not immediately available to comment.
“The brilliance of Google’s Gbuy merchant-to-consumer payment platform lies in what Google may do with the transactional data it captures from the thousands of merchants that may ultimately offer Gbuy,” Rohan said.
Now if I can only find a way to get into the beta test group of Google’s Gbuy I’ll be set.
Update: Here’s a good set of screenshots of the process of paying through Google’s Gbuy.
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