Google Checkout

Google started a new payment processor.
Will it be another player on payment processors system? Running against Paypal?
At this time, only merchants with a U.S. address and bank account can process transactions through Google Checkout ( posted on: http://checkout.google.com/support/sell/bin/answer.py?answer=42871)
If you want to give a look: https://checkout.google.com
It will be hard... Paypal is a well know processor...