Monday, June 20, 2005

Codename: Google Wallet

Speculations regarding Googles new proposed service, which has been tagged as 'Google's Wallet' has many anticipating its arrival. People see this as a potential major hit for Pay Pal since there is a flurry of customers that are expected to switch over when it is offered. Since Google isn't commenting, details or specifications aren't available to compare their proposed services at this time.

Although there is a lot of buzz regarding this newly forming competition this is by no means a first attempt at giving Pay Pal some competition. Yahoo had once tried to launch their own service which was known as Pay Direct- Needless to say it didn't stick around very long, also Ebay developed their own service but that too didn't last long. Nonetheless, speculation has it that Google will win over many more customers than the previous attempts because of brand loyalty and trust that is already there with many Google users.

Since Pay Pal has been around for quite some time, they have had the opportunity to develop clients that are happy with their services. At the same time, there is an audience that has long been waiting for another valid trustworthy option. This is an audience of consumers and critics waiting to see how hard Pay Pal will be hit with the Google competition.

The Google Wallet is being viewed as a sticky situation for both Pay Pal and Google. Since Pay Pal is controlled by Ebay- and Ebay being a huge buyer for Google ads, some view as this as a love & hate relationship. Main reason being that Ebay and Google rely on each other for both revenue and advertisement. Now with these two teams possibly competing for the same audience, there should be stiff competition and interesting advertising strategies to come from each field.

This new hype is only the beginning for Google, in the works is also talk about Google launching a classified listing service as well as an I-Tune type of service. So with Google venturing into various areas of the Tech field hopefully there will be a few new twists on products we currently use. Competition has always been a plus when looking at it thru a consumer point of view. So what Google will come to improve on and offer should be nothing short of expectation.