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Google surprised everyone with the details of its payment processing solution, dubbed Google Checkout, which was unveiled today. Many thought it would be called GBuy. Others thought it would be a person-to-person payment system, akin to what Paypal offers. Instead Google Checkout is a boon to merchants looking for discounted payment processing and tight integration into AdWords.

Despite its success in keeping its payment solution secret, Google has clearly not adopted Apple's maniacal corporate secrecy approach just yet. The reason I know that is because I was the beneficiary of some juicy tidbits of information about another well-anticipated, but little-understood service Google is rumored to be launching.

I'm waiting to hear back from the company about whether they can share the entire picture related to the product with me. Assuming they don't, I'll share the bits I know about it with you shortly.

Tags: google, vc, venture capital

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