After much rumor, Google will finally release its payment service tomorrow. Long rumored to be a “Google Wallet” and to be a Pay Pal killer, the new Google product, called Google Checkout, will actually be a processing system for any willing to participate merchant. The official URL will be Checkout.google.com. User’s of the service just plug-in their credit card(s) and billing info they want linked with the system, and then their own their way to 1 click shopping – it’s still unclear what security measures will be put into place (i.e. passcode) to verify you’re the actual user. Merchants who utilize the new Google Checkout will be charged 20 cents and 2.2% of the final check out price. Merchants that are Google Adword advertisers will be allowed free transaction equal to up to ten times their Google Adword spend, and then charged the normal fees after that. Google currently has no plans to track conversions on Adwords, but according to the project lead, Salar Kamangar, that may change (we’re guessing not as Google would feel pressure from its advertisers to auto optimize their Adwords off the conversions, which means less ads and less money for Google – remember more clicks is better). To increase sign up of Google Checkout, Google has partnered with Financial services, such as Citibank and are offering $5 and 1000 ‘thank you’ points for joining. According to Google, the Checkout will NOT be released in Beta; most certainly a first for Google.

Google Checkout checks in [Cnet]