Paypal v/s GBuy, Google's new online payment option.

It has been about 1 year now that Google's Gbuy is under rigorous testing by big merchants. Paypal which is the commonly used online payment system used by millions world over will soon face a tough competition by Gbuy. It was announced that Gbuy would be launched on 28th June '06 but after exhaustive search over the internet I didn't find any news about the launch! Is Google sceptical about its new system or is getting ready to enter the market with a BIG BANG! Even though the world awaits Gbuy. Paypal, an Ebay holding is confident about its market share and trusts its members. But let me warn you Mr.Meg Whitman (CEO of Ebay) that these are the same people who were loyal to MSN's Hotmail but switched over to Google's Gmail after they were enticed with the 2 GB inbox space. So if I were you I would not believe them. Anyways, even though people prefer Paypal for online transactions, VISA and Mastercard are the ones which are highly trusted for any sensitive transactions and are still considered the market leaders.
So if Google has stepped into the market, where is Microsoft? Are they still attending the 'My name is Bill Gates, I am leaving Microsoft!' farewell party? If not then are Mr.Ozzie and Steve Balmer working on any plans to step into the online payment system. I would say hurry up guys!