It looks like a Google based internet-payment service is getting closer and closer, and it is making Paypal sweat.

When Jeff Jordan learned last May that Web-search leader Google Inc. was building its own Internet-payment service, he reacted swiftly.

Mr. Jordan, who is president of eBay Inc.’s PayPal online-payments unit, immediately asked employees to unearth information about the Google service. Soon, PayPal employees were monitoring blogs, news reports and other data for information about Google’s progress in payments. PayPal staffers even gleaned details about Google’s plans during regular calls to customers who were eager to dish about how Google had reached out to them.

“It’s a very legitimate competitive threat,” says Mr. Jordan, 47 years old. “It’s hard not to pay attention to what Google is doing.”

I wonder if Google’s service is going to be any good. The user interface will no doubt be simplistic, and hopefully feature filled, but I guess it is more about getting retailers to accept it, and give security to those using it. It should be interesting.

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