GOOGLE CHECKOUT VS PAYPAL

In My one of my many economics classes in high school, we did a profile of the different market systems that were practiced around the world, Europe had some socialist systems, the former USSR had communism, China followed suit and so on. However one countries system stood out. The United States of America.

The USA has long practiced a free market system which is regulated by the government and is supposed to promote competiton (although not always effective it enhances product quality and services).

Paypal is a collosal online money transfer company (that i would describe as that annoying entity you just have to deal with if you are into Ecommerce.) that was purchased by the juggernaut ebay after they realised their own online payment service could not compete with paypal.

Google's announcement of its online payment system "GOOGLE CHECKOUT" is the best thing i think has happened to ecommerce in a long time. The only thing that aggravates me as the writer of this blog is that fact that google doesnt want to come out and say they are in direct competition with paypal which i think is what they should do.

Paypal has enjoyed an almost monopolic advantage in the realm of ecommerce as they have dominated the market and have been promoted by ebay as its preferred if not only accepted form of online payment. It has however ruined lives and businesses with their judge, jury and executioner approach of doing business. I'll freeze your account and tell you why later. REF: look at paypalsucks.com. It is high time someone put them in check. They have about 100 million users world wide and i am sure they have just as many pissed off former users.

I am yet to see what Google's policies will be in dealing with their customers but one thing is for sure if you get slammed by paypal you will always have a different and hopefully better alternative to do your business with.

They say absolute power corrupts. A quote i would prescribe as best to describe paypal. I hope it is what will be written in paypal's last chapter as what brought them down. I'll have to wait and see but that would be one refreshing chapter.