Google not taking on PayPal (for now)

Google has confirmed its plans for an online payment system of sorts, but the company has also disavowed much of the speculation as to the system's features. Google Chief Executive Eric Schmidt told the AP that the company will not be creating a personal payment system to compete with PayPal. Late last week the Wall Street Journal reported that Google was planning to launch an online payment service this year, and the Journal suspected that it might compete with eBay's PayPal unit, natch.