This is some of the biggest news to hit the internet in awhile. It seems Google may be trying to lauch their own online payment system to rival Ebay’s Pay Pal service.

There have been a few to try this before (Western Union’s Bid Pay, Storm Pay and a few others come to mind), but this is the first one I think might actually pose a rather serious threat to the Goliath that is the Ebay/Pay Pal monster.

Without knowing any of the details yet, I know that is a rather bold statement, but let’s face facts, as long as their prices are resonable, have any of the payment system entered our language like Google has? (“Oh yeah, I Googled him yesterday.”) The name recognition alone gives them a leg up.

Also, hopefully, Google will not have some of the insane policies that Pay Pal has. (You can sell pornography on Ebay, but you can’t pay or accept payments for it with Pay Pal???) The big key though will be how easily you can integrate it with existing auctions and online stores. Will they add debit cards like Pay Pal has? (One of my personal favorite features of Pay Pal)

And from the earlier linked news story:

“PayPal accounted for $233.1 million, or 23 percent, of eBay’s revenue during the first quarter.”

With those types of numbers at stake, this could be a very serious battle brewing. I, for one, can’t wait to see how it unfolds.