Michael Liedtke, AP Business Writer, reports on comments made earlier Tuesday by Google CEO Eric Schmidt in which Schmidt said Google does not intend to offer a person-to-person, stored-value payments system.

"The payment services we are working on are a natural evolution of Google's existing online products and advertising programs which today connect millions of consumers and advertisers," Schmidt said. He declined to elaborate.

Bruce Meyerson, AP Business Writer, reports on the use of cell phones for payments.

"The benefits of having a wallet on your phone with multiple cards are overblown," said Murdo Munro, a MasterCard executive involved with PayPass. "If a consumer has to boot up an application on the phone, and then go through four or five menus, and then choose a card to make a payment, that's an awful lot slower and less convenient than just taking a card out of your wallet."

A new study by Ohio State University of Ohio consumers suggests that savvy card users are shopping around, finding the cards with the lowest interest rates to minimize their payments.

Business Week's Silicon Valley Bureau chief Robert Hof reports on rumors of Google entering the electronic payment business.

So far, it hasn't paid to underestimate Google. But for all the potential firepower the search giant brings to this battle, it's still PayPal's to lose. Don't look for that to happen anytime soon.

Robert Berner and Adrienne Carter report for Business Week on credit card fraud.

Improved systems to detect bogus transactions have produced a decade-long decline in fraud as a percentage of overall dollar transactions. In 2004, illegal credit-card purchases totaled $788 million in the U.S., down from $882 million in 2003, according to Nilson Report, a trade publication. That represents just 4.7 cents for $100 worth of purchases, well down from a high of 15.7 cents in 1992.

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