Google sizes up credit card giants
Not content with being the behemoth of the search world, Google Australia is considering stepping into the realm of credit card giants such as Visa and Mastercard to usurp them as the online payment method of choice.
The Herald Sun reports that the search giant has won the rights to provide payment and deposit services to local shoppers and merchants, giving it the regulatory legroom to get involved in the lucrative world of online transactions.
It is possible that the company will look to establish a new payment standard akin to PayPal, although even if it succeeds in this it will have some way to go before it can catch up with the credit card providers, who currently take the lion’s share of business from online payments.
Recent market research has found that credit cards are the most popular option, followed by PayPal and BPay, while using cash from bank accounts is the least favoured option.
The company already operates the Google Checkout service in a number of countries, purporting to offer users an easier way to pay for goods online.