Does anyone know anything about Google's payment system, which will operate as a PayPal alternative of some sort?

I read an article on it in the Wall Street Journal a while back. It's supposed to be competitive with Paypal, but Google is keeping it rather hush-hush right now. From what I've heard it has Paypal a bit worried.

although I must say, Paypal has provided a lot of value-added over the last few years and they are really a great service, IMO.

Anyone know when this will be up and running?