Google CEO Eric Schmidt admitted on Thursday that Google Inc. was working on a system that aims to speed purchases online but said the system bears no resemblance to the PayPal payments service of eBay.

Schmidt said PayPal is very popular and has large share of market. Goole has no reason to march into this market but seek solution to the new issues of online payments, added he.

Eric Schmidt also said the new online payment system would target online advertisers instead of common consumers.

Goole will unveil the beta version in the near future.

By People's Daily Online