Did Google smoke PayPal with its digital wallet launch last week?
At the least, PayPal’s lawsuit against Google, filed on the very day Google launched its Google Wallet product, implies as such. PayPal accuses Google, and two ex-PayPal employees now employed by Google, of stealing confidential PayPal information and trade secrets regarding “mobile payment, point of sale, and digital wallet technologies.” PayPal has yet to introduce a digital wallet, although it has hinted that it soon will. In other words, not only did Google allegedly steal PayPal’s digital wallet trade secrets, but it came to market with the product faster than PayPal. Now, Google will no doubt argue that it already was in possession of certain “trade secrets” as they related to digital wallets, but suffice it to say, there is a strong chance that Google lapped PayPal on a digital wallet product — and that is something to behold.