Whenever we hear the line “Something Killer” in the world of technology, we usually know it's pure hype and not to expect all that much. But given the amount of success Google's ventures have had in the past, it's interesting to see them go after PayPal with an online payment system of their own devising. Dubbed “GBuy”, the new system is set to makes its initial appearance (beta of course) later this month, limited to a select few users at first. Later, Google will open the system up to merchants they approve, and apparently is specifically designed to cater to merchants who can't or won't accept credit card payments (a bone of contention that many have with PayPal).
The details on GBuy aren't finished yet, but there are some good wrap-ups to look through that explain a lot. The majority of small online payments occur through PayPal, and many online vendors such as Newegg have the ability to directly accept a PayPal payment, but many people do not like or cannot use PayPal for various reasons. There is definitely room in the market for another competitor here, and though I don't quite imagine a “PayPal Killer” popping up anytime soon, if Google goes through with this it definitely would be a welcome addition.