Previously dubbed GBuy by the media and blogging community, Google Checkout is designed to offer Google users an easy way to complete credit card transactions at any participating online store with a single Google login.
Similar in nature to MSN Passport (one login to access multiple Web sites and services), Google Checkout allows shoppers to use a single Google account to quickly make purchases at participating online stores. By using the Google Checkout system, users can also track orders and shipping status from multiple online stores in one place.
Based on what’s available in the launch version, Google certainly doesn’t appear to be looking to cut into PayPal’s transaction market share, as this serves to provide another gateway for Google users to make credit card purchases online. That is, it doesn’t offer any replacement to using a credit card to complete an online transaction.