I've read Google Checkout or Gbuy is about to launch on
Cnet. According to Eric Schmidt, Google Checkout will not be like PayPal (if you mean person to person transactions) — but it will be very much like PayPal if you mean a way to accept payment for items online through a website. I've test
http://checkout.google.com/ and it took me to log-in page saying "Sign in to Purchases with your Google Account".
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