Google gets finally into the online payment processing business with Google Checkout.

News is just breaking everywhere that Google will launch Checkout (not GBuy) today.

Google Checkout will keep track of your credit card and shipping address (similar to Amazon.com) to make it quick and easy for you to pay online. It will be interesting to see if it catches on. Many have tried this before.

The Checkout service looks very attractive from the merchandiser perspective. Shop owners get some or all transaction fees waived when they buy advertising from Google.
A transaction costs the merchant 20 cents and 2 percent of the charge.
Will be interesting to see how fast Google Checkout spreads on online shops. The payment service will be first available in the United States and later rolled out to Europe and Asia.

Update:
The checkout.google.com just went live and you can go ahead trust Google with your credit card data. Amongst the shops that support Google Checkout are Buy.com, Fossil, RitzCamera or eCost. More stores are listed here. Some offer $10 coupons.

More details on Search Engine Watch and on Reuters.