They must be shittng bricks now, as the Google blog confirms those rumors. TechCrunch previews how Google's payment service will work, predicting the interface will be faster and prettier than PayPal's.
You know what I like most about this? Existing Google services make and receive payments to and from 65 countries in 48 currencies, including the Philippines and the Philippine Peso. Google could roll out merchant services for Filipinos. Take that, you PayPal racists.