Posted June 16, 2006 3:48 pm by with 2 comments

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I’m really curious as to why Google is so touchy when it comes to questions about whether their new payment processing system will challenge PayPal.

“It’s not like PayPal at all,” Schmidt said when asked about “GBuy”…”It makes no sense for us to go into businesses that are occupied by existing leaders,” he said. “We want to solve new problems in the payments space.”

Google contends the new service is designed to help marketers collect money and is not aimed at the consumer-to-consumer market occupied by PayPal.

Why not? Why is Google so afraid to compete with PayPal? Anyone have an idea?