No, that is not accurate. Google Checkout processes payments for the merchant, and Google deposits the funds in the merchant's bank account.
With the new system, Google has an API to give you the users information, but the merchant must have some way of processing the payment.
So these two are not the same at all.
I can tell you for my ecommerce site, I intend to drop Google Wallet altogether.. After the numerous Froogle/Google shopping api changes, I have no hope that the new api will stick around for any reasonable amount of time. So I just don't think it's worth the effort.
Edit: for comparison to Google Checkout, I get roughly 15x the number of orders with PayPal.. and 25x the number of orders from Visa/MC/Dscv/Amex.
Google's implementation of Checkout was flawed from the start (esp how they handled/treated merchants).. So I'm not surprised it didn't go anywhere.
With the new system, Google has an API to give you the users information, but the merchant must have some way of processing the payment.
So these two are not the same at all.
I can tell you for my ecommerce site, I intend to drop Google Wallet altogether.. After the numerous Froogle/Google shopping api changes, I have no hope that the new api will stick around for any reasonable amount of time. So I just don't think it's worth the effort.
Edit: for comparison to Google Checkout, I get roughly 15x the number of orders with PayPal.. and 25x the number of orders from Visa/MC/Dscv/Amex.
Google's implementation of Checkout was flawed from the start (esp how they handled/treated merchants).. So I'm not surprised it didn't go anywhere.