Eric Schmidt told an interviewer from the Associated Press that Google is absolutely not going to release an electronic payment system to compete with eBay's PayPal.
We do a lot of business with Google and we typically don't comment on rumors. What I can tell you is that PayPal has been around since 1999. We've got 70 million acocunts. Talk about the ability to manage a new payment service. Think about the infrastructure that we've built up over those six years in terms of customer support, fraud mitigation, the ability to really understand and comply with all the laws that have gone into place since 9/11. This is a highly regulated space now, and something we've developed a real expertise in. So we feel pretty good about our competitive position and the fact we that we have critical mass here. But we actually don't mind competition; it makes us better.Nathan Weinberg writes the popular InsideGoogle blog.
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