As many of you are aware, Google invited market analysts to their headquarters for the Google Analyst Day event that took place about three weeks ago.
There were a lot of intersting discussions that took place. But when it came to payments Eric Schmitt was the one fielding most of the questions. He was constantly reiterating that GPay (as he calls it) is not made to compete with PayPal or to replace existing peer to peer payment systems but that it's meant to be a new solution to a new problem.
He even went as far as saying that it will make sense at some point to add PayPal to Google's payment service.Here's the transcript:
Analyst: Bill Shatner from UBS -- First of all I would like to thank you for acknowledging and answering most of the 23 questions.
Schmitt: I think you're being too generous. I read your questions and I am not going to answer most of them in much too detail. [laughs]
Analyst: Alright so one more follow up that is a little more detailed.
Schmitt: Ok go ahead.
Analyst: On payments; I actually used it to purchase something from a Google employee through Google Base. And it doesn't allow you to use PayPal as an option (only credit cards). That kind of goes against [Schmitt interrupts]
Schmitt: By the way it makes sense to add PayPal at some point [...] That's a good user request. Our first Google Base Customer.
