Ah, so it's more like Google HailStorm...
Unlike PayPal, a full-fledged payment system that can be used to transfer money between individuals and can draw funds directly from bank accounts, Checkout merely offers users an easy way to use their credit cards. Checkout users enter their credit card information, shipping and billing address into Google’s system. Then, they can pay with Checkout at participating stores without having to enter their personal information again and again.
Source: Google Steps More Boldly Into PayPal’s Territory - New York Times
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