PayPal vs Google Buy

While Google Chief Executive Eric Schmidt confirmed in press accounts that the company was building a payment service, Mr. Schmidt also denied it would directly compete with PayPal. Mr. Schmidt said Google didn’t intend to offer a “person-to-person, stored-value payments system,” which many people consider a description of PayPal’s service.

I can’t see how Google could create a payment service of any kind and not compete with PayPal. Check out the posting at Slashdot which links to the WSJ article.