'GBuy is not like PayPal at all,' says Schmidt

Google has denied that its GBuy online payment system is designed to compete with PayPal.

The service, believed to launch on 28 June, has been given the codename GBuy but does not have an official name, according to Google.

Eric Schmidt, chief executive at the search giant, denied that the service was designed to compete directly with eBay-owned PayPal.

Read more: vnunet.com