YORK, June 15 (Reuters) - Internet search leader Google Inc. (GOOG.O: Quote, Profile, Research) is testing a system that aims to speed purchases online but bears no resemblance to the popular PayPal payments service of Web auctioneer eBay (EBAY.O: Quote, Profile, Research), Google's chief executive said on Thursday.
Analysts have speculated whether Google would enter into direct competition with PayPal, dubbing its potential new service "GBuy" to capture commercial transaction data.
Google's system aims to allow quicker purchases by a consumer from a marketer, and a beta version is expected soon, said Google CEO Eric Schmidt.
"It's not like PayPal at all," Schmidt said when asked about "GBuy" during a New York meeting hosted by Conde Nast's Portfolio business magazine.
"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."...for more of the story from Reuters