OK, now things are getting even better.
Google Checkout? That's a way you can consolidate your purchasing information into a single credential that you could use at a wide range of e-commerce web sites. I'm no expert and haven't used it before, but it seems like a good idea but nothing that's too earth-shaking.
Remember Google Wallet? It was a way you could consolidate your purchasing information into your cell phone.
Now Google is putting the two of them together and replacing Google Checkout with Google Wallet. Anybody who had agreed to accept Google Checkout is automatically transitioned to Google Wallet.
I mean, think about it... I wouldn't want to use a separate payment method online and in real life (oh, wait; I do that right now with PayPal feeding my debilitating addiction to art deco clocks from the 1930s. I don't use the PayPal account for anything else. Pity)
Understanding the Vision
Google's move means that we're moving closer still to the mobile wallet replacing the leather wallet. Rather than having separate operations serving the online and in-person purchase, having a single entity handle both kinds of payments is more like the way we use the credit and debit cards in our own wallets.
What about Privacy?
Well, there is the privacy thing. You have to remember Google makes its money from advertising and its ads are successful because of targeting... targeting that comes from knowing so much about you. When you unify all your purchasing, you're also providing all your entire purchase history -- online and real life -- to Google. It's important to remember with companies like Google (and Facebook) that you are NOT the customer... you are the product. And the more information you willingly provide, the more valuable you are as an advertising target.