The news that Google would launch a payment system that would rival PayPal has been floating around for some time now. The Wall Street Journal has lately reported a few details on GBuy, as it is known.
The report, Google Gets Ready to Test GBuy, A New Online-Payment Option covers issues such as GBuy giving rebates back to those making purchases. It also says that GBuy's commission on sales pegged at 2.2 percent would be higher than PayPal's rate of 1.9 percent. AdWords advertisers might get commission eliminated or be given a discount. They might also get special icons next to their ads, to show they accept GBuy payments.
To negate the obvious comparisions, Eric Schmidt reiterated that GBuy was "not like PayPal at all." We will know once it's launched.