While Visa and Mastercard shamefully need to acknowledge that one of their processors has not acted according to their guidelines (leaving 40M card-numbers etc in the open), Google seeks to expand its business model towards Internet payments.
Will Google succeed in competing with Paypal?
The stock market doesn't think so.
Shares fell after the word got out.
And Ian Grigg has an interesting analysis here:
Where Google will fall short is in the higher layers. Particularly, their regulatory and relationships side is likely to be their archilles heel, that being a reflection of the company as full of geeks that think there isn't a problem that can't be solved by a neat algorithm. They will shine in the lower layers and muddle along in governance and accounting.